The S&P/ASX 200 Index (ASX: XJO) is certainly having a nice finish to what has been a pretty robust week of gains. Since Monday morning, the ASX 200 has now put on a pleasing 3%, including today's 0.34% gain (thus far). But things are a little more complicated for the Woodside Petroleum Limited (ASX: WPL) share price.
Woodside shares have not had such a pleasant week. Since Monday, this ASX 200 energy company has lost around 1.2% of its value. But it would be a lot worse it if wasn't for today's strong share price movement.
At the time of writing, Woodside shares are going for $31.605 each. That's up a decisive 3.45% today so far.
So what could be behind today's big move for Woodside shares?
Well, a possible reason for at least some of the jump is the rise in oil prices we have seen over the past 24 hours or so. After hitting highs above US$130 a barrel earlier this month, oil has been cooling more recently with WTI crude dipping under US$100 a barrel earlier this week. But, as my Fool colleague James covered this morning, these falls have been slightly reversed over the past day or two.
According to Bloomberg, Brent crude is now up 1.99% at US$108.76 a barrel, while WTI has risen 2.21% at US$105.26.
Since Woodside is an oil company at heart, these rises often boost investor sentiment.
Woodside share price rises amid new carbon capture plans
But we've also got some other news out today from Woodside itself, which could be playing a role in the company's strong day on the markets. The company put out a press release this morning. This announced the launch of a new collaboration in carbon capture and utilisation.
Woodside is reportedly teaming up with US-based technology developers ReCarbon and LanzaTech. it is doing so for "a collaborative studies program aimed at converting carbon emissions into useful products". The trio will investigate the viability of the technology at a pilot facility in Perth.
Here's how the press release described the plan:
The proposed pilot facility would recycle greenhouse gases such as carbon dioxide (CO2) and methane into value-added ethanol using ReCarbon and Lanzatech's technologies. The ReCarbon technology would convert carbon dioxide and methane into synthesis gas, with the LanzaTech technology fermenting the synthesis gas into ethanol. Traditionally, ethanol manufacture relies on land and water use for source crops, such as corn. CCU reduces the reliance on these natural resources.
Woodside is keen to highlight this project as part of its commitment to developing "new energy products and lower-carbon services".
It's unknown whether his announcement is also assisting the Woodside share price today. But no one can deny that it has been a very pleasant day for the energy company regardless.
At current pricing, Woodside shares have a market capitalisation of $30.52 billion, with a dividend yield of 5.95%
