The Woodside Energy Group Ltd (ASX: WDS) share price is ripping up the ASX 200 charts today.
The oil and gas giant's shares are up 5.02% to $32.745 in early afternoon trading and headed for their strongest daily gain in almost six months.
Woodside is currently the second-best performing share of the S&P/ASX 200 Index (ASX: XJO) today. Slightly ahead is ASX coal share New Hope Corporation Limited (ASX: NHC).
Woodside shares are rising due to rebounding oil and gas commodity prices.
The energy sector is the best performer of the 11 market sectors today. The S&P/ASX 200 Energy Index (ASX: XEJ) is up 4.1% at the time of writing.
Today's leap into the green is a welcome change for Woodside investors, who have watched their shares tumble in March.
At the market close yesterday, the Woodside share price was down 13.2% so far this month.
Let's take a look at what's happening.
Image source: Getty Images
What's pushing the Woodside share price higher today?
Brent crude futures are currently trading at US$74.98 per barrel.
The West Texas Intermediate (WTI) price is US$69.24 per barrel.
On Monday, Brent oil dropped to its lowest level in a year at US$70.12.
According to analysis from Trading Economics, oil prices are now rising as investors get over recent troubles in the global banking sector.
Top broker Goldman Sachs has a 12-month price outlook of US$94 per barrel for Brent crude futures.
A rebound in Chinese demand following the dumping of its COVID-zero policy is behind the outlook.
Also powering the Woodside share price soar today are rebounding gas prices.
The European benchmark shot up overnight, rising 7.82%, while British gas prices rose by 9.64%.
Oil and gas prices had been falling recently due to warmer Winter weather across Europe.
What is the 52-week high for Woodside shares?
The war in Ukraine has increased commodity prices, resulting in a boon for oil and gas companies.
The Woodside share price hit an eight-year high on 8 November 2022 at $39.58.
Annual general meeting coming up
Woodside has also announced this week it will hold its annual general meeting on 28 April in Perth.
