ASX 200 energy shares have had a rocking year but for a terrible reason — that being the war in Ukraine. The conflict has disrupted global supply chains given Russia is a pretty big energy supplier, especially to Europe.
The S&P/ASX 200 Energy Index (ASX: XEJ) has soared this year, up around 36% in 2022 so far.
This compares to an almost 4% drop in the S&P/ASX 200 Index (ASX: XJO), which has occurred due to rising inflation and interest rates, as well as fears of a United States recession.
Here we look at the top three ASX 200 energy shares in November based on share price gains over the month.
No surprise to see coal miner Whitehaven at the top of the list. It's had an unbelievable year with the share price up more than 250% so far, largely due to skyrocketing commodity prices.
The following data is from S&P Global Market Intelligence, canvassing ASX 200 energy shares with a minimum market capitalisation of $100 million.
Image source: Getty Images
Whitehaven Coal Ltd (ASX: WHC)
The top-performing ASX 200 energy share from the close on November 1 to the close on November 30 was Whitehaven, with a 9.73% share price gain.
This was largely due to thermal coal prices remaining near all-time highs over the month. Plus, it remains a favourite ASX share pick among brokers, with plenty of positive commentaries keeping investors excited.
The only price-sensitive news during November was a downgrade in FY23 production guidance due to bad weather caused by La Nina. As my Fool colleague Matthew reported, flooding has disrupted operations at some mines.
The Whitehaven share price closed 1.52% lower on Friday at $9.74.
Beach Energy Ltd (ASX: BPT)
Oil and gas producer Beach Energy was November's next best-performing ASX 200 energy share with a gain of 8.87% in value.
The company is currently embroiled in a takeover battle for Warrego Energy Ltd (ASX: WGO). Beach and Warrego announced a deal on 14 November, whereby Beach would acquire all Warrego shares for 20 cents apiece. This trumped a scheme of arrangement proposal from Strike Energy Ltd (ASX: STX) a few days before.
The saga is continuing. Warrego received a counter offer from Gina Rinehart's Hancock Energy Pty Ltd yesterday at 23 cents per share. Beach Energy bettered their offer at 25 cents on Friday. Warrego is considering its options.
Also supporting the Beach Energy share price in November was the commencement of production cuts by the Organization of Petroleum Exporting Countries (OPEC), as announced in October.
At Friday's close, the Beach Energy share price was down 2.44% to $1.80.
Karoon Energy Ltd (ASX: KAR)
The third best-performing ASX 200 energy share in November was Karoon Energy, up 5.94%.
The oil and gas producer had a nice start to the month with Morgans giving a presentation on the company.
The Karoon Energy share price was volatile in November, moving rapidly between $2.20 and almost $2.40 several times over the four weeks. The company delivered an update on its Patola project on 21 November and held its annual general meeting (AGM) on 24 November.
The Karoon Energy share price closed on Friday at $2.32, down 2.52%.
