The Woodside Petroleum Limited (ASX: WPL) share price closed 2.79% higher today at $33.20.
Meanwhile, Brent Crude futures shot up midweek and had finished almost 6% higher by end of play on Wednesday. Brent now trades at US$121.44 per barrel on last check.
As oil extends its rally this week, hydrocarbons players such as Woodside have latched onto the momentum and are set to print solid fundamentals, some experts say.
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Woodside share price spikes as oil extends rally
Brent Crude has slowed down today and is trading sideways. But momentum from a huge upswing these past few days is being felt in oil and gas stocks around the world, including the Woodside share price.
The United States Brent Oil Fund LP ETF (NYSEARCA: BNO) saw heavy inflows this week and had jumped 16.5% before US market open on Thursday, according to Bloomberg data.
Meanwhile, the SPDR S&P Oil & Gas Exploration & Production ETF (NYSEARCA: XOP) has climbed more than 9% this past week and is up more than 34% this year to date.
Woodside has climbed more than 7% in a week and, if it continues at this pace, is well on track to surpass its 52-week highs of $34.41 on 7 March.
Shown on the chart below is its return against each of these benchmarks since November 2021.
Not to mention, natural gas futures have rallied hard this year and are now up 23% for the previous month of trade.
Oil prices have spiked again this week after Russia explained oil exports via a Kazakhstani pipeline feeding into the Black Sea might be slashed by around one million barrels per day, The Wall Street Journal reports.
According to the report, this represents around 1% of global aggregate oil demand. The halt could last up to two months, after it was reported the pipeline was affected by storm damage.
It's yet to be seen what direction oil will head next – after all, it only has three options. The same can be said for the Woodside share price.
Woodside shares have climbed more than 37% in the past 12 months and are up 52% this year to date. During the past month of trade, they have spiked 15%.
