Today didn’t start well, after a weak lead from Wall Street overnight.

And the ASX 200 continued to lose ground into the close, finishing ~1.4% lower on the day.

The catalyst for capital flows at the big end of town appeared to be what’s now looming as a global energy shortage heading into the end of this year.

Brent crude prices climbed to new three-year highs above US$80/barrel in Asian trade, and ASX oil & gas majors have been perfectly positioned to benefit.

The ASX 200 Energy sector surged by almost 4% today, bringing its cumulative six-day rally to around 15%.

It stood out amid a sea of red in Tuesday trade, as mining stocks fell while the ASX 200 Financial index lost momentum in the afternoon to finish ~0.5% lower.


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In line with the ASX 200 Energy theme, the top of today’s winner’s list was heavily populated by ASX oil & gas stocks.

Leading the pack was Beach Energy (ASX:BPT), which jumped by over 10% and has ripped higher by around 30% over the past week.

Today’s gains coincided with an investor presentation, where Beach targeted production of 28 million barrels by FY24, a figure which “excludes exploration upside and pre-FID projects outside of Enterprise”, the company said.

Other big energy gains were Oil Search (ASX:OSH) and Santos (ASX:STO), which both jumped by around 6%.

Power company Origin Energy (ASX:ORG) also rose sharply, after news broke that UK green power retailer Octopus Energy — in which Origin holds a 20% stake — received a £211 million capital injection Generation Investment Management, a group chaired by high-profile climate change advocate Al Gore.

Rounding out a mix of fossil fuel gains combined with clean energy wins, Whitehaven Coal (ASX:WHC) continued its rally and at a close above $3.20. The stock has now almost tripled from its May lows just above $1.


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Lithium developer Liontown Resources (ASX:LTR) led the large cap laggards, although the stock is still up by almost 200% year-to-date.

Also falling today was Fortescue (ASX:FMG), which continues to trade with more volatility following the iron ore selloff.

And former tech market darling Appen (ASX:APX) continued its slide from above $40 late last year, with another 4.4% drop that saw it fall further below $10 to close at $9.12.