What happened with the Woodside share price in November?

a man in a shirt and tie holds his chin in thoughtful contemplation and looks skywards as if thinking about something while a graphic of a road with many ups and downs unfurls behind him.

a man in a shirt and tie holds his chin in thoughtful contemplation and looks skywards as if thinking about something while a graphic of a road with many ups and downs unfurls behind him.

The Woodside Energy Group Ltd (ASX: WDS) share price has been a strong performer over the past 12 months. And in November, the S&P/ASX 200 Index (ASX: XJO) oil and gas stock gained another 3.6%.

The first part of November saw the Woodside share price largely trending higher, while shares dipped over the latter weeks.

Here’s why…

What were ASX 200 energy investors eyeing in November?

The Woodside share price enjoyed some healthy tailwinds from a rebounding oil price in the first part of November.

On the back of what looked to be resurgent demand from China, Brent crude oil leapt from US$95 per barrel on 1 November to US$99 per barrel by 10 November.

The rising energy prices also saw the Woodside mark an eight-year intraday high, with the stock swapping hands for $39.58 per share on 9 November.

Oil prices headed the other way in the latter part of November, dropping to US$85 per barrel by the end of the month. This saw more investors hitting the sell button, pressuring the energy stock.

On 29 November, the Woodside share price dipped again after the company released its FY23 guidance, though shares gained the following day.

In its first full year of production since its petroleum transaction with BHP Group Ltd (ASX: BHP), Woodside forecast production of 180 – 190 million barrels of oil equivalent (MMboe). That was lower than consensus expectations.

And as my Fool colleague James pointed out on the day, “Woodside recently delivered third-quarter production of 51.2 MMboe, which annualises to 204.8 MMboe.”

The company’s production guidance came in well below that annualised quarterly figure.

Woodside share price snapshot

Despite some ups and downs, the Woodside share price has gained an impressive 69% over the past 12 months. That compares to a full-year gain of 1% posted by the ASX 200.

The post What happened with the Woodside share price in November? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben 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.

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