Oil and natural gas stocks on the ASX could benefit from the commodities’ price movements, as experts are calling for continued price volatility in the global oil and gas market in 2024.
In the first half of 2024, oil prices were riding an uptrend spurred on by rising tensions in the Middle East amid tightening supplies. Peaking at a high of US$86 in early April, demand side challenges once again weighed down crude oil prices to US$73 per barrel in early June.
Market cap: AU$53.58 billion; share price: AU$28.21
As the biggest ASX-listed oil and gas stock by market cap, Woodside Energy Group leads the country in natural gas production and is considered a pioneer in Australia’s liquefied natural gas (LNG) industry.
Market cap: AU$24.85 billion; share price: AU$7.66
Australian energy company Santos is the country’s second biggest oil and gas producer. The ASX-listed firm supplies its products to markets located across Australia and Asia.
Market cap: AU$4.98 billion; share price: AU$3.15
In its Q1 2024 operating update, Viva Energy, highlighted that its Commercial and Industrial segment delivered another quarter of record sales volumes, up by 11.7 percent over the same quarter last year. The company attributed the growth to strong demand from the aviation, resources, and agriculture sectors along with new business secured last year such as the Australian Defence Force.
Market cap: AU$3.36 billion; share price: AU$1.49
Oil and gas exploration and production company Beach Energy has a diverse portfolio, with onshore and offshore oil and gas production in five basins across Australia and New Zealand.
Market cap: AU$1.43 billion; share price: AU$1.83
Karoon Energy is focused on continued company growth through a broad pipeline of exploration and development projects in Brazil, including its producing Baúna and Piracaba oil fields.
Crude oil is a mixture of hydrocarbons in liquid form that is found in natural underground reservoirs in the Earth’s crust. This petroleum liquid is refined to produce a variety of energy and industrial products, including asphalt, diesel and jet fuels, gasoline, heating oils, lubricants and propane.
“Most of Australia’s known remaining oil resources are condensate and liquefied petroleum gas associated with giant offshore gas fields in the Browse, Carnarvon and Bonaparte basins,” according to the government agency.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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