Australian Energy Stocks Surge on Strong Oil Prices
ASX Energy Sector Jumps to Three-Week High
Utilities Stocks Lead Gains
Australian energy stocks have experienced a significant surge, posting their biggest intraday percentage gain in 14 weeks. This surge is attributed to the recent rise in oil prices, which has boosted the performance of the ASX energy sector.
On Wednesday, oil prices experienced a late-week rally, propelling oil-related stocks on the Australian Securities Exchange (ASX) to new heights. The energy sector, represented by the ASX Energy Index (ASXXEJ), witnessed an impressive 16% intraday gain, its largest since January 2022.
Major energy companies such as Woodside and Santos saw significant gains. Woodside's share price rose by 12.7%, while Santos jumped by 11.4%. The rally also extended to utilities stocks, with Origin Energy leading the gains with a 55% surge.
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