How did ASX energy shares perform in June?

This month has seen some ASX energy giants gain while others tumbled.

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Key points

  • ASX energy shares have experienced mixed fortunes this month
  • Energy giants such as Woodside have seen their stock jump by as much as 7% while others, like Santos, have tumbled by almost 9%
  • Their gains and falls came as oil prices fluctuated, the price of coal fell, and an energy crisis took hold in Australia

June brought a mixed performance for ASX energy shares. Some of the market’s biggest energy producers posted notable gains while others suffered.

Here’s how some of the market’s most renowned energy stocks have performed this month:

Perhaps unsurprisingly, the S&P/ASX 200 Energy Index (ASX: XEJ) has traded relatively flat this month, gaining just 0.5%. For context, the S&P/ASX 200 Index (ASX: XJO) has slumped nearly 8%.

Let’s take a look at what moved ASX energy shares in June.

Energy was the talk of the town…

ASX energy shares have put out a mixed performance this month amid fluctuating oil prices, the falling value of coal, and an energy crisis.

After closing May at US$115.60 a barrel, Brent crude oil futures are currently slipping lower to US$116.01. It’s been a similar story for West Texas Intermediate oil price futures, which moved from US$111.91 per barrel to reach US$110.20 a barrel today.

Trading Economics notes oil prices are on a trajectory to record their first monthly declines since November despite recent supply concerns.

Meanwhile, the price of coal has tumbled around 11% this month to reach US$380 a tonne.

But the biggest news of the sector this month was arguably the energy crisis that took hold across Australia.

The Australian Energy Market Operator (NEMO) suspended the National Energy Market (NEM) wholesale market in mid-June in an effort to dodge rolling blackouts.

NEMO CEO Daniel Westerman said price caps, unplanned outages at power plants, and coal and gas supply chain disruptions had driven generators to remove capacity from the market.

The market was returned to normal operation last week.

What else drove ASX energy shares this month?

Energy commodities and shortages had plenty talking this month. Interestingly, however, there wasn’t much news from ASX energy giants.

Of course, Woodside completed its massive merger with BHP Group Ltd (ASX: BHP)’s petroleum assets early in the peace. Additionally, the company’s $17 billion Scarborough Project faced court action last week.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 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.

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