The Woodside Petroleum Limited (ASX: WPL) share price is dipping into the red today.
At time of writing, shares in the S&P/ASX 200 Index (ASX: XJO) energy giant are down 2.6% to $33.52.
But don't go breaking out your tiny violin for Woodside shareholders just yet.
Today is the first time in 7 trading days that the Woodside share price has gone backwards.
Yesterday, shares closed at $34.41. That's the highest price in more than 2 years, going all the way back to February 2020 before the pandemic knocked the stuffing out of oil and gas prices.
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What's happening with the Woodside share price?
It's not just Woodside coming under some selling pressure today.
The S&P/ASX 200 Energy Index (ASX: XEJ) is down 2.7%, compared to a 0.2% retreat on the ASX 200.
Why are ASX energy shares underperforming?
It all boils down to oil and gas prices.
After soaring higher all month following oil-rich Russia's aggressive posturing and then invasion of Ukraine, crude oil prices dipped overnight. Brent crude fell 0.7% to US$122 per barrel, according to data from Bloomberg.
While that's no major fall, and still up from US$91 per barrel just a month ago, investors may be looking to take some profits off the table after riding ASX energy shares to multi-year highs.
As for the Woodside share price, despite today's retrace it remains up 48% for the year.
