Financial year 2022 (FY22) was a good one for ASX energy shares as energy commodity prices soared amid global supply concerns. Still, some energy stocks had a better year than others.
A quick note before we start, this list only contains ASX shares included in the S&P/ASX 200 Energy Index (ASX: XEJ).
Here are the five best performing ASX energy shares of FY22:
- Whitehaven Coal Ltd (ASX: WHC)
- Gained 148% to close FY22 at $4.84
- New Hope Corporation Limited (ASX: NHC)
- Gained 93.5% to close FY22 at $3.46
- Viva Energy Group Ltd (ASX: VEA)
- Gained 45% to close FY22 at $2.89
- Woodside Energy Group Ltd (ASX: WDS)
- Gained 43% to close FY22 at $31.84
- Beach Energy Ltd (ASX: BPT)
- Gained 39.5% to close FY22 at $1.73
As readers can see, coal stocks topped the lot last financial year, with Whitehaven and New Hope both outperforming. ASX oil shares filled the remainder of the top five spots.
Let's take a look at what likely boosted those involved in the commodities' shares in FY22.
What drove these ASX energy shares in FY22?
Coal producers led in FY22. Their strong performance likely came on the back of record coal prices.
The value of the black rock soared amid a commodity crunch sparked by Russia's invasion of Ukraine and resulting sanctions on Russian energy commodities.
Perhaps partly a result, Australian coal overtook iron ore to become the nation's biggest export in May.
Additionally, an energy crisis unfolded in Australia in June, likely putting some focus back on ASX coal shares.
Coal accounted for 54% of Australia's electricity generation in 2020 and outages at coal fired power plants were partly to blame for the crisis that ultimately saw the Australian Energy Market Operator suspend the energy spot market last month.
Oil shares received a boost for many of the same reasons last financial year amid surging oil prices.
Woodside's milestone merger with BHP Group Ltd (ASX: BHP)'s petroleum assets also cast plenty of attention on the sector.
