The Beach Energy Ltd (ASX: BPT) share price delivered a rollercoaster performance last month. The stock hit both a 52-week high and a three-month low in June, despite the company's silence.
At the end of June, the Beach Energy share price was $1.725, flat with its final close of May.
For context, the S&P/ASX 200 Index (ASX: XJO) slumped 8.9% last month.
So, what helped the ASX oil share outdo the index? Let's take a look.
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Beach Energy share price trades flat in June
Beach Energy's stock traded flat in June while the broader market struggled. The company's home sector, the S&P/ASX 200 Energy Index (ASX: XEJ), also closed the month lower, slipping 0.27% over the period.
Meanwhile, the stock was likely supported by rising (then falling) oil prices.
Oil prices rose to a 13-week high in early June as gasoline demand took the United States by storm.
Brent crude futures rose to US$123.58 per barrel while the US West Texas Intermediate crude price reached US$122.11 a barrel – their highest points since hitting a 13-year high in March.
That also saw the Beach Energy share price soaring to a new 52-week high of $1.91.
Sadly, its exuberance didn't last long. As oil prices began to turn in mid-June, the stock tumbled 8% to close at its lowest price since March – $1.55 – on 20 June.
Thus, a flat month of trade may have been one of the better-case scenarios for the stock. Particularly as oil prices recorded their first monthly decline of 2022 in June.
Interestingly, many of the company's ASX 200 energy peers recorded mixed performances last month.
The Woodside Energy Group Ltd (ASX: WDS) share price gained nearly 7% in June. Meanwhile, Santos Ltd (ASX: STO) shares slumped 9.5%.
Perhaps more encouraging for Beach Energy investors is the share's longer-term performance.
It's currently 33.6% higher than at the start of the year. That means it has outperformed the ASX 200 by 46% in 2022.
