It's been a good week for the Woodside Petroleum Limited (ASX: WPL) share price. Shares in the Aussie energy producer have climbed 7.1% higher despite a wobble in Wednesday's trade.
So, what's pushing the oil and gas producer's valuation higher to end the month?
Why it's been a great week for the Woodside share price
One of the biggest factors has been a resurgence in crude oil prices. The past couple of weeks has seen the key commodity rise above US$80 per barrel for the first time in 3 years.
Brent crude, the international benchmark, jumped as high as US$80.69 per barrel yesterday to hit its highest level since October 2018. In fact, the price for Brent crude has been rising for seven consecutive days as an energy crisis rages in Europe.
Natural gas prices are also soaring as demand intensifies and an energy shortage looms. The soaring Woodside share price has reflected the widening demand-supply energy dynamics in recent days.
Wednesday's wobble was also driven by a slight pull back following a 3-year high. Brent oil dipped lower on Tuesday after topping the $80 mark and investors sold down Woodside as a result.
ASX energy shares were down across the board but are still having a great week on the markets. The Oil Search Ltd (ASX: OSH) share price is up 10% in the last 5 days while Santos Ltd (ASX: STO) shares have gained 8% in the same period.
Foolish takeaway
The unfolding energy crisis in Europe, and looming Australian summer, makes the Woodside share price worth watching in the coming months.
Shares in the energy group have been soaring in the last week and have now managed to climb 1.9% higher this calendar year.
