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Why is the Woodside (ASX:WPL) share price missing out on all the fun today?

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The Woodside Petroleum Limited (ASX: WPL) share price is struggling today amid fluctuating commodity prices.

The ASX 200 energy share is currently trading at $30.31, a 2.1% fall on its previous closing price. In comparison, the S&P/ASX 200 Index (ASX: XJO)  is up 1.17%.

So what is going on with Woodside?

What’s happening with Woodside?

The Woodside share price could have been impacted by turbulent oil prices and falling natural gas prices. Woodside explores, develops and produces both oil and gas in Australia and internationally.

The natural gas price has fallen 0.17% to US$4.74 MMBtu (Metric Million British thermal unit), according to Bloomberg.

International benchmark Brent crude oil dropped 1.9% to $98.02 a barrel in the US on Wednesday, while WTI crude fell 1.08% to $95.04 a barrel. This is a huge drop from recent hikes that saw Brent oil hit US$140 a barrel in early March.

US President Joe Biden even highlighted falling oil prices in a tweet on Wednesday. He said: “Oil prices are decreasing, gas prices should too.”

However, oil futures rose in early trading Thursday, Reuters reported. A report from the International Energy Agency predicted three million barrels a day of Russian oil could be held in the country due to western sanctions.

Woodside is not the only ASX energy share struggling today. The Santos Ltd (ASX: STO) share price has also dropped 0.2%. Meanwhile, the S&P/ASX 200 Energy (ASX: XEJ) index is down 0.39%.

As my Foolish colleague Sebastian reported recently, Woodside CEO Meg O’Neill believes the war in the Ukraine puts the “spotlight” on natural gas.

The Woodside share price has soared 21% over the past year. In 2022, it is up 38% to date.

In the past month, Woodside shares have gained 14%, while they have fallen 8% in a week.

Woodside has a market capitalisation of about $29 billion based on its current share price.

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