The Woodside Energy Group Ltd (ASX: WDS) share price is in the red today.
Woodside shares are down 2.74% and are currently fetching $35.83. For perspective, the
S&P/ASX 200 Index (ASX: XJO) is falling 0.86% today.
Let's take a look at what is weighing on the Woodside share price today.
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What's going on?
Woodside is not the only ASX energy share sliding today. The Santos Ltd (ASX: STO) share price is down 3.12%, while Beach Energy Ltd (ASX: BPT) is slipping 2.29%. The S&P/ASX 200 Energy Index (ASX: XEJ) is descending 3.12% today.
Woodside is an oil and gas producing giant. The brent crude oil price has dropped 1.27% to US$83.26 a barrel, according to Bloomberg Energy. WTI crude oil has also fallen 0.51% to US$78.56 a barrel.
Chinese demand concerns, a potential US Federal Reserve rate hike and lower trading volumes appear to be weighing on the minds of investors. Commenting on the oil price, UBS analyst Giovanni Staunovo said in quotes cited by Reuters:
My sense is the general risk-off mood has weighed on the oil prices, in a market with thin liquidity.
Meanwhile, the natural gas price has tumbled a massive 10.85% to US$4.71 per MMBtu.
Woodside is estimating that it will produce 180 to 190 million barrels of oil equivalent (MMboe) in 2023. This includes:
- 83 to 85 MMboe of liquefied natural gas
- 40 to 42 MMboe of pipeline gas
- 50 to 55 MMboe of crude and condensate oil
- 7 to 8 MMboe of natural gas liquids.
Woodside share price snapshot
The Woodside share price has surged 61% in the last year.
For perspective, the ASX 200 has shed 6.45% in the last year.
