3 ASX energy shares rocking new 52-week highs on Thursday

Russia's war in Ukraine could see elevated energy prices for years to come.

| More on:
Three children wearing athletic short and singlets stand side by side on a running track wearing medals around their necks and standing with their hands on their hips.

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

ASX energy shares are doing much of the heavy lifting today.

While the S&P/ASX 200 Index (ASX: XJO) is down 0.9% in afternoon trading, the S&P/ASX 200 Energy Index (ASX: XEJ) is up 2.3%.

And we're seeing three ASX energy shares notching up new one-year highs today.

Which ASX energy shares are trading at one-year highs?

The Beach Energy Ltd (ASX: BPT) share price is up $3.02% to $1.78 at the time of writing, surpassing the $1.77 it was trading for on 7 March. With today's intraday gains factored in, Beach Energy shares are up 36% so far in 2022.

At the current share price, Beach Energy has a market cap of $4.1 billion.

Also hitting one-year highs today is ASX energy share MMA Offshore Ltd (ASX: MRM). The MMA share price is up 5.5% to 67 cents, taking out the 64 cents per share mark set on 28 March. That puts the MMA share price up a blistering 85% year-to-date.

At the current price, the oil and gas explorer has a market cap of $239 million.

And the third energy stock hitting one-year highs in intraday trading today is Horizon Oil Ltd (ASX: HZN), up 3.3% to 16 cents. At the time of writing, this matches its 27 May one-year highs after the share price retraced some in late afternoon trading.

The Horizon Oil share price is now up an impressive 82% in 2022, giving the company a market cap of $245 million.

What's driving ASX investor interest?

Investors have been buying ASX energy shares on the back of soaring energy prices.

Coal, crude oil and gas have all reached multi-year or even all-time highs this year.

While Brent crude oil slipped 1.8% overnight to US$114 per barrel, Brent crude kicked off 2022 trading for US$78 per barrel.

And some market veterans, including JPMorgan Chase CEO Jamie Dimon, believe that oil will head higher from here and stay elevated for years to come.

Speaking at the Autonomous Research financial services conference yesterday (overnight Aussie time), Dimon cautioned that Russia's war in Ukraine could see crude oil trading in the US$150 to US$175 per barrel range.

According to Dimon (quoted by The Australian Financial Review):

We're not taking the proper actions to protect Europe from what's going to happen in oil in the short run. And we're not taking the proper actions to protect you all from what's going to happen to oil in the next five years, which means it almost has to go up in price.

If crude oil does head to US$175 per barrel, it will take a big bite out of consumers' pockets while offering some strong tailwinds to ASX energy shares.

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 Scott Phillips.

More on 52-Week Highs

Man with rocket wings which have flames coming out of them.
52-Week Highs

5 ASX 200 stocks leaping to 52+-week highs in Monday's sinking market

Investors just sent these ASX 200 stocks to new one-year-plus highs. Let’s find out why.

Read more »

A panel of four judges hold up cards all showing the perfect score of ten out of ten
52-Week Highs

Big ASX news: 10 ASX 200 shares hit new 52-week highs today

Do you own any of these lucky stocks?

Read more »

A beautiful ocean vista is shown with a woman whose back is to the camera holding her arms up in triumph as she stands at the top of a rock feeling thrilled that ASX 200 shares are reaching multi-year high prices today
Bank Shares

Big ASX news: NAB shares hit 18-year high

The last time NAB shares were at this level was in November 2007.

Read more »

Multiracial happy young people stacking hands outside - University students hugging in college campus - Youth community concept with guys and girls standing together supporting each other.
52-Week Highs

These 11 ASX 200 shares are hitting new 52-week highs today

These shares are on form and hitting new highs today. Let's find out what is happening.

Read more »

Earnings Results

This $27 billion ASX 200 share is jumping on strong quarterly results

Investors are cheering on this giant's quarterly update this morning.

Read more »

Hiker man backpacker with hands up in the summer mountains with cloudy sky.
52-Week Highs

These 10 ASX 200 shares just hit new 52-week highs

Do you own any of these ASX high-flyers?

Read more »

Two friends giving each other a high five at the top pf a hill.
52-Week Highs

These 6 ASX 200 stocks just hit new 52-week highs

Do you own any of these booming stocks?

Read more »

A piggy bank on the cloud in the blue sky symbolising a record high share price.
52-Week Highs

19 ASX 200 shares smashing multi-year highs as market peaks

The benchmark ASX 200 hit a new record high on Thursday.

Read more »