The price of Brent crude oil – the international benchmark – hit $US80 per barrel for the first time since late 2014 overnight as the commodity’s rapid price growth in 2018 continues unabated.
Brent reached a high of $US80.50 per barrel overnight, marking the first time since November 2014 it has passed above that mark.
It later fell back below $US80 to trade at $US79.48 this morning.
West Texas Intermediate — the US benchmark — was trading at $US71.53 this morning, up from about $67.50 at the start of the month.
Oil’s gains this week have been driven by news out of OPEC on Monday that it is cutting production by more than is required to do so under the terms of a 2017 agreement.
The cartel also said its output rose slightly last month, mainly via Saudi Arabia, but raised its demand forecast for next year by 25,000 barrels per day to average 98.85 million barrels per day.
Elsewhere, supply concerns have been mounting over the last week after President Donald Trump pulled the US out of the Iran nuclear deal – a move that reimposes sanctions on Iranian oil.
Here’s a list of ASX oil juniors that stand to benefit from the price gains:
ASX Code | Company | Price change 2018 (Jan-May) | Price May 9 (intraday) | Market Cap | Regional focus |
---|---|---|---|---|---|
MPO | MOLOPO ENERGY | 0 | 0.14 | -- | US |
AOK | AUSTEX OIL | 0 | 0.017 | -- | US |
EEG | EMPIRE ENERGY | 2.36363636364 | 0.037 | 45.5M | Aust US |
BAS | BASS OIL | 1 | 0.004 | 10.4M | Asia |
CVN | CARNARVON PETROL | 0.734693877551 | 0.17 | 175.0M | Aust |
ATS | AUSTRALIS OIL & | 0.695652173913 | 0.39 | 357.5M | US |
88E | 88 ENERGY | 0.6 | 0.04 | 203.9M | US |
BYE | BYRON ENERGY | 0.557692307692 | 0.405 | 280.8M | US |
HZN | HORIZON OIL | 0.526315789474 | 0.145 | 188.8M | Asia |
LKO | LAKES OIL | 0.5 | 0.003 | 55.2M | Aust |
TAP | TAP OIL | 0.280701754386 | 0.073 | 31.9M | Aust |
KEY | KEY PETROLEUM | 0.25 | 0.01 | 14.8M | Aust |
EXR | ELIXIR PETROLEUM | 0.175675675676 | 0.087 | 19.3M | US |
OEL | OTTO ENERGY | 0.175438596491 | 0.067 | 105.6M | Asia |
BRU | BURU ENERGY | 0.169230769231 | 0.38 | 168.5M | Aust |
TDO | 3D OIL | 0.166666666667 | 0.07 | 16.6M | Aust |
BRK | BROOKSIDE ENERGY | 0.166666666667 | 0.014 | 13.8M | US |
FPL | FREMONT PETROLEU | 0.142857142857 | 0.008 | 5.4M | US |
COE | COOPER ENERGY | 0.0909090909091 | 0.36 | 584.4M | Aust |
ELK | ELK PETROLEUM | 0.0571428571429 | 0.074 | 103.5M | US |
GBP | GLOBAL PETROLEUM | 0.030303030303 | 0.034 | 6.5M | Africa |
OEX | OILEX | 0 | 0.004 | 7.5M | Aust Asia |
TMK | TAMASKA OIL & GA | 0 | 0.003 | 5.9M | US |
EMP | EMPEROR ENERGY | 0 | 0.003 | 2.7M | Aust |
FDM | FREEDOM OIL AND | 0 | 0.3 | 282.2M | US |
JKA | JACKA RESOURCES | 0 | 0.002 | 921.7k | Africa |
PSA | PETSEC ENERGY | 0 | 0.105 | 34.0M | US |
SSN | SAMSON OIL & GAS | 0 | 0.002 | 4.9M | US |
NEW | NEW ENERGY SOLAR (listed Dec 2017) | -0.0442176870748 | 1.405 | 468.5M | Aust |
CUE | CUE ENERGY RES | -0.0555555555556 | 0.068 | 47.5M | Aust Asia |
AJQ | ARMOUR ENERGY | -0.06 | 0.094 | 36.9M | Aust |
BUL | BLUE ENERGY | -0.0967741935484 | 0.14 | 144.4M | Aust |
SEA | SUNDANCE ENERGY | -0.105263157895 | 0.068 | 432.7M | US |
ICN | ICON ENERGY | -0.107142857143 | 0.025 | 14.9M | Aust |
EOR | ENHANCED OIL & G | -0.111111111111 | 0.008 | 7.9M | Asia |
AVD | ANTILLES OIL AND | -0.130434782609 | 0.02 | 3.3M | US |
BUY | BOUNTY OIL & GAS | -0.142857142857 | 0.006 | 5.7M | Aust |
MEL | METGASCO | -0.173913043478 | 0.057 | 22.7M | Aust |
IPB | IPB PETROLEUMI | -0.181818181818 | 0.009 | 1.4M | Aust |
AOW | AMERICAN PATRIOT | -0.2 | 0.028 | 6.9M | US |
KPL | KINA PETROLEUM | -0.252631578947 | 0.071 | 27.2M | Asia |
REY | REY RESOURCES | -0.254237288136 | 0.22 | 46.7M | Aust |
WBE | WHITEBARK ENERGY | -0.272727272727 | 0.008 | 6.9M | Aust |
TPD | TALON PETROLEUM | -0.285714285714 | 0.005 | 5.1M | US |
ABL | ABILENE OIL AND | -0.3 | 0.007 | 2.8M | US |
JPR | JUPITER ENERGY | -0.32 | 0.068 | 10.3M | Asia |
MAY | MELBANA ENERGY | -0.333333333333 | 0.01 | 18.3M | US |
TEG | TRIANGLE ENERGY | -0.344 | 0.082 | 17.2M | Aust |
HE8 | HELIOS ENERGY | -0.394366197183 | 0.043 | 60.8M | US |
WOF | WOLF PETROLEUM | -0.6 | 0.008 | 5.5M | Mongolia |
WEL | WINCHESTER ENERG | -0.65 | 0.035 | 10.3M | US |
This article first appeared on Business Insider Australia, Australia’s most popular business news website. Read the original article. Follow Business Insider on Facebook or Twitter.