Skip to content

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

Top 10 ASX oil stocks (2021) and the memory of negative oil

‘This faster re-balancing during what was expected to be the dark days of winter will be followed by a widening deficit this spring as the ramp-up in OPEC+ production lags our above-consensus demand recovery forecast.’

Top ASX oil stocks in focus Source: Bloomberg

A wild year for oil prices

One of the great surprises of 2020 was negative oil.

When we published this article last year in March we stressed just how impacted the oil complex had been by the coronavirus pandemic, noting that a supply-demand crunch brought on by the pandemic was seeing oil prices slide precipitously.

Moreover, when we wrote this piece, there was seemingly no notion that oil prices could or would turn negative. They after all, never had. What brought us there was a weird quirk in the markets – a collision between the fine print of the WTI futures contract, a lack of physical storage space and yes, a Covid-19 induced supply-demand crunch which hit oil prices across the board.

So then in late April, with US storage space practically full and liquidity for West Texas Intermediate’s (WTI) May contract quickly drying up and then all but evaporating, we would see the WTI May contract close at negative US$37.63 a barrel, on Monday, April 20, 2020.

And at the time, there was a sense that anything could happen next. That the assumed rules of play had been irrevocably changed. Paul Sankey, MD at Mizuho Bank told CNBC:

‘If you had a stinking barrel of oil in your back yard, would you pay someone $100 to take it away? Yes, and you would probably be relieved you were not charged $300. That is the situation we are in.’

He even went as far to ask: ‘Will we hit -$100 a barrel next month? Quite possibly.’

Oil never got there. The panic, in retrospect was overdone. Storage issues abated and demand has recovered to a degree. Indeed, since bottoming out in 2020, oil has slowly ticked higher, with WTI last trading a shade below US$70 a barrel and Brent at around US$72 a barrel – a far cry from the dour prices recorded last April.

Top ASX-listed oil stocks

With oil prices still in ‘rebound mode’, below we take a brief look at some of the ASX’s most dominant oil stocks or stocks with significant oil exposure as well as their recent share price performances.



Share price

YTD Performance

BHP Group




Woodside Petroleum








Oil Search




Origin Energy




Beach Energy




Karoon Energy




SENEX Energy




Strike Energy




Cooper Energy




*Data contained within the above table was correct as of the market close 3 March, 2021.

How to trade ASX oil stocks

Investors can trade any of the top 10 ASX oil stocks highlighted above, utilising CFDs, through IG’s world-class trading platform. For example, to buy (long) or sell (short) Woodside Petroleum using CFDs, follow these steps:

  • Create an IG Trading Account or log in to your existing account
  • Enter ‘Woodside Petroleum’ in the search bar and select it
  • Choose your position size
  • Click on ‘buy’ or ‘sell’ in the deal ticket
  • Confirm the trade

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Seize a share opportunity today

Go long or short on thousands of international stocks.

  • Increase your market exposure with leverage
  • Get commission from just 0.08% on major global shares
  • Trade CFDs straight into order books with direct market access

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.