ASX 200 energy shares are back in the foyer today as traders push the sector more than 35% higher on the year to date.
The S&P/ASX 200 Energy Index (ASX: XEJ) has jumped around 180 basis points on Monday after spiking to that level straight past the open.
Oil is trading around its highest mark in three months. Brent crude oil, on which more than 90% of the world's oil is priced, has pushed to US$120 per barrel.
The move "comes as the world's biggest exporter, that is Saudi Arabia, is saying that it's raising prices for its Asian customers – that's their biggest markets – and it's also being raised more than expected," per reporting from Bloomberg.
"We're seeing the hike coming as we're seeing a big rebound in Asia… as regions from Singapore to China lift many of their COVID-19 restrictions."
The push seems to have helped ASX 200 energy shares. These three shares have nudged past 52-week highs, alongside the price of oil, as seen below.
Image source: Getty Images
Santos Ltd (ASX: STO)
Santos shares cruised to an early high of $8.58 per share before levelling off to secure a 1.9% gain at the time of writing.
The hydrocarbons giant has seen its share price snake higher these past six months in an upward channel. It has now surged to its yearly highs after a recent breakout.
Aside from oil, natural gas prices are surging back towards previous highs after setting two new 52-week highs in the past few months.
With this momentum in its underlying spot markets, it stands to reason investors are buying into that strength with the Santos share price as well.
This year to date, Santos shareholders have clipped an 11% gain.
Whitehaven Coal Ltd (ASX: WHC)
Whitehaven has nudged around 160 basis points higher after trading as high as $5.54 earlier in the day.
After plateauing at three-month highs in May, shares have broken out of a sideways channel to set another 52-week high.
Alongside its liquid counterpart, the price of coal is also trading up around its yearly highs after going vertical in May. Prices have originally spiked more than 76.8% to new heights in March before consolidating back to the longer-term trend.
However, prices again thrust higher in May and poked yearly highs of US$427 per tonne. Coal now trades at US$412.50 per tonne, up from US$318/tonne in May.
Again with that kind of momentum investors appear to be buying into the surging price of coal with Whitehaven shares.
Beach Energy Ltd (ASX: BPT)
Shares of Beach Energy nudged to 52-week highs early in the session on Monday and now trade at $1.86 apiece.
After flatlining from March to May, the stock rallied to new highs in unison with the oil price as investors continue backing the oil and gas trade.
Adjoining the basket of oil and gas companies clipping early gains on Monday, Beach shares have already surpassed one third of their four-week average volume at more than 5.24 million shares in trading.
It recently affirmed production guidance as well. With the current rise in oil, this guidance clarity validates the predictability of Beach's future cash flows, numbers analysts use in calculating various estimates.
Hence, the share price is heading towards a consensus price target of $1.91 per share, according to Bloomberg data. We'll see if it has the legs to lunge past that mark.
Beach investors have also enjoyed a 36% gain over the past 12 months of trade, with shares trading in line with January 2021 highs.
