It ended up being a pleasing start to the trading week for ASX 200 shares on Monday. As of the closing bell, the S&P/ASX 200 Index (ASX: XJO) has added a healthy 0.45% at 7,064.3 points. But the Woodside Energy Group Ltd (ASX: WDS) share price had no such luck.
Woodside shares had a bit of a clanger, falling by 0.43% to $32.63 by the end of the session. So what happened here with the ASX 200's largest energy share?
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What went wrong with the Woodside share price today?
Well, it was nothing to do with any news or announcements the company put out, seeing as there were none. This downwards move might have been influenced by the moves of the Beach Energy Ltd (ASX: BPT) share price though.
Beach, a fellow ASX 200 oil share, had an awful day today. Its shares dropped by a painful 11.1% by the end of the day to $1.65 a share. Investors were not impressed with the company's FY22 earnings report, which was released this morning.
As we covered at the time, investors seemed to be expecting a little more than the $504 million in underlying net profit after tax (NPAT) the company delivered.
But even before these earnings came out, it wasn't looking good for Woodside shares. As my Fool colleague James presciently predicted this morning, ASX oil shares were always going to come under pressure today, given the large drop in the oil price itself over the weekend.
As we reported this morning, the WTI crude oil price fell 2.4% to US$92.09 a barrel and the Brent crude oil price fell 1.45% to US$98.15 a barrel. Not exactly good news for the companies that pull the 'black gold' out of the ground.
So it's probably a combination of these factors that has led to the underperformance in the Woodside share price we see today. No doubt investors will be hoping for a better day tomorrow.
At the last Woodside Energy Group share price, this ASX 200 energy share has a market capitalisation of $61.9 billion, with a dividend yield of 5.74%.
