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


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.

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.

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