The Woodside Energy Group Ltd (ASX: WDS) share price is leaping ahead on the ASX today.

The energy giant’s shares are currently swapping hands at $34.28, a 4% gain. For perspective, the S&P/ASX 200 Index (ASX: XJO) is rising 0.31% today.

So what is impacting the Woodside Energy share price today?

Oil and gas prices rise

Investors appear to be reacting to higher oil and natural gas prices. Woodside is a producer of both oil and gas.

US natural gas prices jumped 0.82% to US$9.3570 MMBTU, trading economics data shows. Natural gas prices have surged 33.18% in a month. Gas futures are currently at a 13 year high, at the highest level since August 2008. Greater demand and declining production are driving up prices.

Oil prices are also climbing today. Benchmark Brent crude oil is up 0.37% to US$121.02 a barrel at the time of writing, while WTI Crude Oil is leaping 0.47% to US$119.97 a barrel, Bloomberg figures show.

This rises comes amid Goldman Sachs predicting Brent crude oil prices could average US$140 a barrel in the months of July through to September, CNN reported. This would be a 15.7% upside on the current brent crude oil price.

Oil and gas producers Santos Ltd (ASX: STO) and Beach Energy Ltd (ASX: BPT) are also rising by 3% and 1.36% respectively today.

Broker Morgan Stanley has recently tipped Woodside to deliver US$20 billion in dividends in the next decade. Analysts reportedly said:

We forecast Woodside will distribute US$20 billion in dividends over the coming decade, providing it with another US$20 billion to re-invest in growth, diversify, and pursue further capital management.

Woodside started trading on the ASX under a new name and ASX ticker on 25 May. This followed shareholder approval for the merger with BHP Group Ltd (ASX: BHP)’s petroleum business on 19 May. Earlier this week, Woodside started trading on the London Stock Exchange (LSE), while it commenced trading on the New York Stock Exchange (NYSE) on 2 June.

Woodside share price snapshot

The Woodside share price has risen 43% in the past year, while it’s up a whopping 56% year to date.

For perspective, the S&P/ASX 200 Energy Index (ASX: XEJ) has returned about 30% in the past year.

Woodside has a market capitalisation of about $65 billion based on the current share price.