These 3 ASX energy shares just hit 52-week highs

Let's see what might have boosted this motley crew of energy stocks to new 12-months highs on Tuesday.

| More on:
three businessmen high five each other outside an office building with graphic images of graphs and metrics superimposed on the shot.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • The share prices of Origin Energy, Woodside Petroleum, and South32 each hit new 52-week highs on Tuesday
  • The gains came despite no news from any of the companies
  • However, the price of oil and coal are both surging in 2022, likely helping to boost the energy producers' shares

Tuesday proved to be an excellent day to own these ASX energy shares. They each raised the roof on their 12-month performances.

Shares in Origin Energy Ltd (ASX: ORG), Woodside Petroleum Limited (ASX: WPL), and South32 Ltd (ASX: S32) broke through their respective ceilings to record their best prices in more than a year on Tuesday.

Shares in Origin recorded an intraday high of $6.13 – representing a 1.4% gain on its previous close.

Those of Woodside reached $27.19 – 1.6% higher on the day.

Finally, the South32 share price surged 3.1% in intraday trade to hit $4.28.

So, what pushed this motley crew of energy producers to hit new 12-month highs? Let's take a look.

These ASX energy shares hit 52-week highs on Tuesday

The share prices of Origin, Woodside, and South32 raised the roof on Tuesday despite the companies' collective silence.

Making their surge more interesting is the fact each of the 3 companies operates in vastly different spaces.

Origin works to provide electricity to Australia with exploration, production, and retail legs while Woodside produces oil and gas. Finally, South32 is a diversified metals and mining company with business in coal production.

So, what boosted the ASX energy shares consecutively higher? Well, it seems they were likely moving in reaction to energy commodity prices.

While Origin and Woodside operate in separate spheres, their businesses overlap when it comes to oil.

Both companies' profits tend to keep in step with the price of the black liquid which has been hitting multi-year highs lately. That might have helped boost sentiment around their share prices today.

In fact, Origin recently announced the rising oil prices helped its Australia Pacific LNG venture record a 33% increase in profits over the December quarter.

At the time of writing, West Texas Intermediate oil is trading at US$91.15 a barrel, according to data from CNBC. Meanwhile, barrels of Brent crude oil are going for US$92.41 a pop.

It was likely a similar story – albeit, of a different commodity – for the South32 share price.

Yesterday, the Sydney Morning Herald reported the price of coal – a major income source for the ASX share – is taking off amid a global energy shortage.

Additionally, the price of aluminium – another of the company's income sources – approached its 4 month high today, according to Reuters.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Energy Shares

A bearded man holds both arms up diagonally and points with his index fingers to the sky with a thrilled look on his face over these rising Tassal share price
Energy Shares

Why is the Beach Energy share price racing higher on Thursday?

This energy producer delivered some big news this afternoon.

Read more »

A person is weighed down by a huge stack of coins, they have received a big dividend payout.
Energy Shares

Own Ampol shares? Get ready for your monster dividend payment

Ampol investors are about to enjoy their largest-ever dividend.

Read more »

A man sees some good news on his phone and gives a little cheer.
Energy Shares

Buy Woodside shares for a 20% gain and 4.5% dividend yield

Morgans thinks investors could get big returns from this energy giant.

Read more »

Woman holding $50 notes and smiling.
Dividend Investing

A 36% yield from this ASX dividend share? Here's how these forward-looking investors made it happen

Some savvy passive income investors are earning a 36% yield from this ASX dividend star.

Read more »

A Paladin Energy miner wearing a hard hat and protective gear stands in front of a large mining truck and smiles to the camera.
Energy Shares

Uranium is set to boom, and this is the 'premium' ASX stock to buy

Shaw and Partners' Jed Richards reckons these are the shares to buy for the nuclear energy theme.

Read more »

Happy coal miner.
Energy Shares

How these ASX 200 energy shares could unexpectedly burn brighter

ASX 200 energy shares are facing rising global demand for their products.

Read more »

Worker inspecting oil and gas pipeline.
Energy Shares

ASX energy shares losing charge amid fresh warnings of gas supply shortfalls

Many energy commodity prices fell overnight and this is hitting ASX energy shares today.

Read more »

A miner stands in front oh an excavator at a mine site
Energy Shares

'We have reached a bottom': 5 ASX uranium shares leaping higher this week

ASX uranium stocks have enjoyed explosive share price growth over the past year.

Read more »