The share price of ASX energy stock Melbana Energy Ltd (ASX: MAY) is surging today, hitting its highest point since 2012.
Its gains come despite no news having been released by the oil and gas producer. Additionally, the S&P/ASX 200 Energy Index (ASX: XEJ) is plunging 2.91%.
At the time of writing, the Melbana Energy share price is 13 cents, 8.7% higher than its previous close.
Let's take a look at what might be boosting the ASX energy producer's shares today.
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Why is the Melbana Energy share price soaring today?
The Melbana Energy share price is launching upwards today despite the energy sector retreating after its 5.25% gain yesterday.
The sector's struggles come as the energy prices wobble.
Right now, West Texas Intermediate futures have recovered from a dip to trade at US$119.85 a barrel – up 0.3%, according to CNBC. Brent crude futures are 0.8% higher, trading at US$124.20 a barrel.
Meanwhile, natural gas futures have dropped 1.9% to US$4.74 per metric million British thermal unit.
That's weighing on oil giants Santos Ltd (ASX: STO), Woodside Petroleum Limited (ASX: WPL), and Beach Energy Ltd (ASX: BPT). Their share prices are slumping 3.37%, 3.28%, and 2.54% respectively today.
However, Melbana hasn't been tracking its sector lately.
The ASX energy share has gained a whopping 456% year to date. That was largely driven by a 78% surge experienced by the stock when the company announced the finding of a "significant oil interval" last month.
It gained another 25% yesterday as oil prices soared to their highest point in 13 years.
Meanwhile, the energy sector is up a respectable 20% year to date, including today's dip.
Perhaps that's why the small-cap ASX energy share is defying the broader market today.
