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Rising oil prices are good news for ASX oil and gas stocks share Oil prices are on the rise again and that’s good news for ASX oil and gas stocks as well as some icing on the cake for a handful this morning. For a brief period last April prices fell into negative territory but have been on the recovery ever since and overnight topped $60 per barrel . While this is still off the highs seen in the middle of the 2010s, it is the highest price since COVID-19 broke out. For several months now, most noteworthy gains among oil and gas stocks have been mysteriously off the back of no news . Stockhead analysis has found that the average ASX oil and gas stock is up 81 per cent in the last 12 months – although it goes without saying there’s an enormous gap between the top winners and losers. But now, ASX oil and gas investors are responding to positive company news. One company with news was California focused Sacgasco (ASX:SGC) which rose 20 per cent today along with its joint venture partner Xstate Resources (ASX:XST) . Today it told shareholders a drilling contract had been […]
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