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.
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.
The post Woodside (ASX:WPL) share price slips for first time in 7 days appeared first on The Motley Fool Australia.
Should you invest $1,000 in Woodside Petroleum right now?
Before you consider Woodside Petroleum , you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Woodside Petroleum wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
More reading
- 5 things to watch on the ASX 200 on Tuesday
- Here are the top 10 ASX shares today
- WAM boss urges cashed-up ASX 200 companies to buy, invest or pay dividends
- Woodside (ASX:WPL) share price surges another 9% today as oil resumes rally
- Why Argosy Minerals, De Grey, Whitehaven, and Woodside shares are racing higher
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/WJFoDsz
Leave a Reply