Why is the Woodside share price suffering on Tuesday?

The Woodside Energy Group Ltd (ASX: WDS) share price is in the red today.

Woodside shares are sliding 1.42% and are currently trading at $34.09 apiece. For perspective, the  S&P/ASX 200 Index (ASX: XJO) is 0.26% in the green at the time of writing.

Let’s take a look at why Woodside is falling today.

Oil and gas prices

The Woodside share price is down today, but it is not the only gas and oil share in the red. The Santos Ltd (ASX: STO) share price is sliding 1.02%, while Beach Energy Ltd (ASX: BPT) shares are down 1.88%.

Energy shares are struggling after the oil price fell in global markets overnight.

Brent crude oil slid 1.2% to US$95.95, while WTI Futures slide 1% to US$90.91 per barrel overnight.

Oil prices fell as investors considered recession fears amid the tighter oil supply, CNBC reported.

Fear of more rate rises from the US Federal Reserve weighed on investors minds, an analyst cited by the the publication noted. Again Capital LLC partner John Kilduff said:

There’s more of the doom and gloom from those folks and what they’re going to do to the economy, because they’re not so convinced they have inflation under control, and that’s the macro play that’s weighing on oil.

European natural gas also slid amid “rising LNG imports and warmer than expected weather”, ANZ senior economist Catherine Birch said in a research note.

WTI crude oil is currently down 0.3% and fetching 90.86 a barrel, while Brent Crude Oil is sliding 1.77% to US$96.19 a barrel, Bloomberg data shows.

Woodside paid a 109 US cents per share fully franked dividend in FY22. Citi rates the company’s share price as a buy with a $36.50 price target, while Morgan Stanley has placed a $37 price target on Woodside shares.

Woodside share price snapshot

The Woodside share price has soared 55% in the year to date, while it has risen 34% in the past year.

For perspective, the ASX 200 has lost 8% in the past year.

Woodside has a market capitalisation of around $65 million based on the current share price.

The post Why is the Woodside share price suffering on Tuesday? appeared first on The Motley Fool Australia.

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More reading

• What’s the outlook for ASX dividend shares for the rest of 2022?
• 5 things to watch on the ASX 200 on Tuesday
• Up 14% in 2 weeks, has the Santos share price reached its top?
• How bad was the first quarter for the Woodside share price?
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor Monica O’Shea 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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