Why is the Woodside share price in a slump on Friday?

A miner in visibility gear and hard hat looks seriously at an iPad device in a field where oil mining equipment is visible in the background.A miner in visibility gear and hard hat looks seriously at an iPad device in a field where oil mining equipment is visible in the background.

Shares in the global energy giant Woodside Energy Group Ltd (ASX: WDS) are down 2% and other ASX energy shares are also having a day in the red.

At the time of writing, the Woodside share price is trading at $30.89. It has fallen almost 5% over the past month.

The Santos Ltd (ASX: STO) share price is also down today by 1% to $6.93 and the Ampol Ltd (ASX: ALD) share price is down 2.17% to $32.49.

ASX coal shares are also lower — Whitehaven Coal Ltd (ASX: WHC) by 3.62% and Yancoal Australia Ltd (ASX: YAL) by 2.67%.

The S&P/ASX 200 Energy Index (ASX: XEJ) is down 1.85% today.

Why are ASX energy shares having a tough day?

This is likely a response to falling oil prices overnight.

As my Fool colleague James reported this morning, the WTI crude oil price dropped 2.5% to US$88.42 a barrel and the Brent crude oil price lost 3% to US$93.91 a barrel.

Fears of a demand slowdown after a build-up in US crude and gasoline inventories sent the oil prices to multi-month lows.

They are rebounding now though, with Brent up 0.08% and WTI crude up 0.26% at the time of writing.

Woodside share price snapshot

The Woodside share price is up 36% in the year to date but down 5% over the past five trading days.

The last price-sensitive news released by Woodside was its second quarter 2022 report on 21 July.

As my Fool colleague Bernd wrote, the report revealed a 44% boost to revenue compared to Q1 2022. This also represented a 159% boost compared to Q1 2021.

Woodside produced 33.8 million barrels of oil equivalent (MMboe), which was a 60% increase from the prior quarter and up 49% from Q2 2021.

The Woodside share price dipped 0.55% on the day the report was released.

The post Why is the Woodside share price in a slump on Friday? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has positions in Woodside Petroleum Ltd. 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 Scott Phillips.

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