Woodside leads rally in ASX energy stocks
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The news: ASX-listed energy stocks have jumped in early trading on the back of positive news flow and a rally in global crude prices
The numbers: The ASX energy sector index was up 2.2% after the first half hour of trade while the wider ASX 200 fell 0.24%.
Woodside was up nearly 4% to $22.34 while Santos gained 1.7%, fuel refiner Ampol climbed 2.1%, and Whitehaven Coal rose 2.3%.
The context: Sector shares were boosted after benchmark crude oil prices climbed to a more than two-week high following the temporary truce in the trade war between the US and China, and a firmer economic outlook in the US after lower than expected inflation.
The gains were led by Woodside after the oil and gas giant signed an initial deal with Saudi Arabia's state-owned fossil fuels giant Aramco to explore a potential equity investment and an LNG offtake agreement from Woodside’s Louisiana LNG project.
