The Woodside Energy Group Ltd (ASX: WDS) share price is charging higher today, up 2.5%.
Shares in the S&P/ASX 200 Index (ASX: XJO) oil and gas stock closed yesterday trading for $34.36. In afternoon trade, shares are changing hands for $35.22 apiece.
What's happening with the Woodside share price today?
The Woodside share price isn't the only one among the big energy stocks leaping higher today.
In fact, energy is the best-performing sector.
While the ASX 200 is up a solid 0.3% in afternoon trade, the S&P/ASX 200 Energy Index (ASX: XEJ) is soaring 1.9%.
Some of the investor exuberance is likely linked to a 2.3% overnight boost in the Brent crude oil price. Brent is currently trading for US$79.49 per barrel.
Investors may also be bidding up the Woodside share price following the rather bullish oil price forecast just out from the US Energy Information Administration (EIA).
The EIA report forecasts a gradual increase in the crude oil price over the next five quarters.
The agency sees Brent crude trading for an average of US$80 per barrel in the fourth quarter of 2023. It expects Brent to average US$84 per barrel in 2024 "because we expect that global oil inventories will decline over the next five quarters".
The EIA is also forecasting a 16% increase in the price of the Henry Hub natural gas spot price.
If the higher crude oil and gas prices forecast proves out, the Woodside share price should be one to benefit.
