Sydney, Feb 1, 2026, 17:21 AEDT — Market closed
- On Friday, Santos Limited shares ended at A$7.01, gaining roughly 2.5%.
- Oil hovered close to multi-month highs heading into the weekend, keeping energy shares on investors’ radar.
- Traders are eyeing Sunday’s OPEC+ meeting, with the Reserve Bank of Australia’s rate decision set for Tuesday.
Santos Limited shares closed Friday roughly 2.5% higher at A$7.01, wrapping up a stronger week for the Australian oil and gas firm amid sustained high crude prices.
The Australian Securities Exchange is closed for the weekend, but energy stocks such as Santos will reopen Monday, with oil prices dominating the narrative. The key near-term driver for crude is a policy decision from OPEC+ expected Sunday.
Santos, which sells liquefied natural gas (LNG)—natural gas chilled into liquid for shipping—as well as oil, can see its stock swing sharply when oil prices jump or the Australian dollar moves.
The broader S&P/ASX 200 closed Friday 0.65% lower at 8,869.15, with Santos standing out as one of the few gainers.
Peer Woodside Energy Group Ltd gained 0.8% on Friday, even as the S&P/ASX 200 Energy index barely moved, ticking up just 0.07%. That highlighted the selective nature of buying toward the end of the week.
Brent crude closed Friday at $70.69 a barrel, hovering near a six-month peak as traders zeroed in on rising U.S.-Iran tensions. “It’s really all about Iran right now,” said John Kilduff, partner at Again Capital. Reuters
OPEC+ is set to maintain its hold on boosting production in March, sources told Reuters, following a rise in crude prices above $70 amid concerns over supply risks.
Back in Australia, the Reserve Bank is set to release its monetary policy statement on Feb. 3. The cash rate, which is the RBA’s key policy tool, can cause sudden moves in the Aussie dollar and shift risk sentiment if it catches markets off guard.
Santos is set to release its full-year results on Feb. 18, per its investor calendar. Market watchers will focus on dividend cues and any updates to cost or spending strategies.
The setup works both ways. A steep drop in oil prices, a surprise move from OPEC+, or a stronger Australian dollar could weigh on local energy stocks, even if company fundamentals remain steady.
Santos faces two key upcoming events: the RBA decision on Feb. 3 and the company’s results on Feb. 18. But oil news will probably drive sentiment first when trading kicks off again Monday.
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