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

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?

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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?