Woodside Energy Group Ltd (ASX: WDS) and Santos Ltd (ASX: STO) shares jumped again today.
Woodside shares leapt 2.31%, while Santos shares jumped 1.95%. The S&P/ASX 200 Index (ASX: XJO) climbed 1.65% today.
Let's take a look at what impacted these two energy companies today.
What happened?
Woodside and Santos are both major oil and gas producers.
US natural gas futures surged as much as 10% to a two-week high overnight in America.
Despite record output, cooler weather and predictions that demand would be higher than expected impacted the market, Reuters reported.
In other news, the Organization of the Petroleum Exporting Countries (OPEC) lifted its forecasts for world oil demand on Monday. OPEC believes $12.1 trillion of investment is required to meet global demand, Reuters reported. OPEC Secretary General Haitham Al Ghais said in quotes cited by the publication:
The overall investment number for the oil sector is $12.1 trillion out to 2045.
However, chronic underinvestment into the global oil industry in recent years, due to industry downturns, the COVID-19 pandemic, as well as policies centred on ending financing in fossil fuel projects, is a major cause of concern.
WTI crude oil is currently up 0.81% to US $87.23 a barrel, while Brent Crude Oil is down 0.98% to US $94.83 a barrel, according to Bloomberg.
Woodside advised last week it delivered record production of 51.2 MMboe in the third quarter of 2022, up 52% on the previous quarter.
Santos meanwhile, delivered third-quarter production of 26.1 MMboe, up 12% on the second quarter.
Share price snapshot
Woodside shares have exploded 68% year to date, while Santos shares have risen 24%.
For perspective, the ASX 200 has fallen 6.28% year to date.
