The Woodside Petroleum Ltd (ASX: WPL) share price is higher today, now trading around 1.2% in the green.
At the time of writing, Woodside shares are $30.92 apiece. That's down from their intraday high of $31.31 a share but up from the previous close of $30.60 a share on Tuesday.
By contrast, the S&P/ASX 200 Index (ASX: XJO) is down around 0.7%.
What's propelling the Woodside share price?
Energy markets have been buoyant this year amid an almost two-year-long commodity boom that's sent inflationary vibes around the globe.
Brent Crude oil has spiked around 37% since the beginning of the year and is up almost 59% in the last 12 months. It now trades at US$106 per barrel, off its high of US$121 per barrel in February.
Meanwhile, natural gas futures contracts have surged across the board these last 12 months. Each of UK Gas, TTF (Netherlands) Gas, and US Natural Gas futures have soared to triple-digit percentage gains at the time of writing.
TTF Gas futures are up 382% on a yearly basis and now trade at 103 Euros/MWh, for instance. They have spiked a further 43% this year after trading as much as 200% higher in that time.
As such, global energy markets continue to rally in 2022, putting players like Woodside front and centre on the ASX. And while momentum has softened in April, it doesn't appear to have slowed too much for Woodside.
The company is outpacing the S&P/ASX 200 Utilities Index (ASX: XUJ) and the S&P/ASX 300 Metals & Mining Index (ASX: XMM), both of which are leading sectors today.
In further news, Woodside also released its quarterly update yesterday. Judging from its results, it was a mixed quarter for the oil and gas giant.
Woodside's revenue for the period was 17% lower than that of the December quarter. Though, it was more than double that of the prior comparable period.
The company specified that it saw a slowdown in revenue, as trading activity also slowed last quarter.
Woodside also reported it continues to push ahead with its merger with BHP Group Ltd (ASX: BHP) and that it settled the divestment of its 49% interest in the Pluto 2 venture.
Woodside share price snapshot
In the last 12 months, the Woodside share price has spiked 35% and is now up around 41% this year to date.
The company has a market capitalisation of $30.4 billion at its current share price.
