The Woodside Energy Group Ltd (ASX: WDS) share price is outperforming on Tuesday following a disappointing start to the week for S&P/ASX 200 Index (ASX: XJO) energy stocks.
The energy giant is backing up its Monday fall with a strong performance today.
At the time of writing, the Woodside share price is $30.63, 1.42% higher than its previous close.
For comparison, the ASX 200 has gained 0.19% right now. Meanwhile, the S&P/ASX 200 Energy Index (ASX: XEJ) is among the market’s leaders, posting a 1.56% rebound.
So, what might be going on with the ASX 200 energy monolith today? Letâs take a look.
Woodside share price partially recovers on Tuesday
The Woodside share price is picking up some of its Monday losses today, joining the ASX 200 energy index in the green.
The sector tumbled a whopping 6.3% yesterday, marking its worst session in more than two years.
Meanwhile, the Woodside share price posted a 4.97% fall, sending it to a near-three-month low point.
Interestingly, the stockâs partial rebound comes amid continuously falling oil prices. Global oil prices slumped around 2.5% to nine-month lows overnight.
The Brent crude oil price dumped 2.4% to trade at US$84.06 a barrel while the US Nymex crude oil price fell 2.6% to US$76.71 a barrel.
The commodityâs suffering comes as the US dollar strengthens, making oil more expensive for those trading in other currencies, Reuters reports.
Still, the Woodside share price is joined in the green by those of many of its ASX 200 oil-focused peers.
Stock in Worley Ltd (ASX: WOR) is up 0.4% right now while that of Santos Ltd (ASX: STO) has gained 0.3%.
But itâs not all green in the sector. The Beach Energy Ltd (ASX: BPT) share price is dragging on the market, falling 1.7% following its near-7% tumble on Monday.
The post Woodside share price rebounds as energy stocks surge on Tuesday appeared first on The Motley Fool Australia.
Should you invest $1,000 in Woodside Petroleum Ltd right now?
Before you consider Woodside Petroleum Ltd, 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 Ltd wasn’t one of them.
The online investing service heâs 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.
See The 5 Stocks
*Returns as of September 1 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Why is the Woodside share price tumbling 5% on Monday?
- 5 things to watch on the ASX 200 on Monday
- 2 surprising ASX shares to buy for the energy transition: Wilsons
- Could this nation-first action make an investment in Woodside shares cleaner?
- 5 things to watch on the ASX 200 on Friday
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 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.
from The Motley Fool Australia https://ift.tt/sFfQMlb
Leave a Reply