The S&P/ASX 200 energy index has traded more than a third higher since the year began, vastly outpacing the 3 per cent decline for the S&P/ASX 200, and the 14 per cent drop for global equities.
Locally listed energy shares have jumped to the highest level since February 2020, just as COVID-19 began to rattle global financial markets, in a rally that reflects the squeeze higher in vital commodities including oil and gas.P/ASX 200 Energy index, which includes Woodside Energy and Santos, Australia’s two largest listed energy companies, but also Beach Energy and Whitehaven Coal, has more than doubled from the lows of March 2020 after a bumper start to 2022.
The company’s shares have jumped by 50 per cent this year as the energy commodities that underline its business have soared. Last year, Woodside struck a deal to merge with BHP Petroleum, the iron ore group’s oil and gas portfolio. The deal allowed BHP to pivot away from fossil fuels, but came just ahead of a crunch in oil and gas around the world that was further exacerbated by Russia’s invasion of Ukraine.
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