What weighed on Woodside (ASX:WDS) share price today?

June 19, 2022 11:06 PM PDT | By Sukriti Nair
 What weighed on Woodside (ASX:WDS) share price today?
Image source: © Viewimage | Megapixl.com

Highlights

  • Oil and gas producer Woodside Energy Group Ltd shares lose over 4% during intraday trading session.
  • Energy sector on ASX200 index tanks over 4% by afternoon today (20 June 2:30 PM AEST).
  • Oil prices edge down on concerns of recession and tightening supplies.

Woodside Energy Group Ltd.’s (ASX:WDS) share price grabbed investors’ attention today (June 20) as it slipped to its 5-day low. WDS share price has plunged over 4% by afternoon today. The oil and gas producer’s shares are down despite any new announcements on the ASX. The share price seems to be tripping alongside the energy sector which was the top losing sector on ASX today.  The ASX 200 Energy sector index (XEJ) is down around 4.8%. A slump in the global commodity market, especially oil, appears to be weighing heavily of the energy sector stocks like Woodside.

Global recessionary fears are weighing down on commodities, especially crude oil. As a result, even Australian markets are on the edge amid tight supplies, price pressures and monetary tightening concerns.

Share price performance of Woodside Energy Group Ltd

Shares of Woodside Energy Group Ltd (ASX:WDS) plunged over 4% during intraday trading session today. The shares of WDS competitors like, Santos Energy Limited (ASX:STO) and Beach Energy Limited (ASX:BPT) are also down today.

It is to be noted that Woodside has now become a big name in energy sector after its recent merger with BHP’s petroleum assets. As of date it has a market capitalisation of AU$60.60 billion. Since Woodside is focused on oil and gas production, its share price seems highly influenced by oil price movements. Both the global oil price benchmarks are down today and the impact is visible on WDS share price.

What’s behind the oil price drop?

falling oil price

Image source: © 2022 Kalkine Media ®

The week has started with a drop in oil prices globally. Both Brent Crude and WTI, the black liquid benchmarks edged down on Monday. Fears of slowing global economic growth and fuel demand alongside supply tightening are worrying the investors.

Russia, the world's second-largest oil exporter, is out of reach for most countries after Western sanctions on it over the Ukraine war.

Also read- How serious is Australia's energy crisis?


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.


Sponsored Articles


Investing Ideas

Previous Next