The Woodside Petroleum Limited (ASX: WPL) share price is on a roller coaster ride today.
The energy giant’s share price leapt 1.48% in earlier trade before pulling back. Woodside shares are currently trading at $30.51, a 0.36% gain.
Let’s take a look at what is happening at Woodside.
Oil prices rocky
Woodside shares have been up and down but they are not alone in this trend. The Santos Ltd (ASX: STO) share price also climbed 1.25% in morning trade before retreating. Santos shares are currently down 0.31%, trading at $8.075. For perspective, the S&P/ASX 200 Energy Index (ASX: XEJ) is up 0.39% at the time of writing but gained 1.27% in earlier trade.
Oil prices leapt by 4% in global markets on Friday, however, they have since plunged in Asian markets. Market Risk Advisory partner Naohiro Niimura told Reuters investors “scooped up profit after a sharp gain last Friday”. He added:
Still, with a planned ban by the EU on Russian oil and slow increase in OPEC output, oil prices are expected to stay close to the current levels near $110 a barrel until they head lower late this year due to weakening global demand
Brent Crude oil is now down 1.82% to US$109.52 a barrel, while WTI Crude Oil is sliding 1.68% at US $108.63 a barrel, Bloomberg data shows.
Twiggy digs in
In other news today, Fortescue Metals Group Limited (ASX: FMG) chair Andrew ‘Twiggy’ Forrest has levelled criticism at the oil industry’s green credentials. Woodside, along with Santos, is a major ASX oil producer. Speaking ahead of an Australian Petroleum Production and Exploration conference in Brisbane, Dr Forrest told The Australian:
I’m asking for the fossil fuel sector to say we’re supplying dirty fuel while we have to. And we’re moving as quickly as we can to change to zero pollution fuel. And don’t try and greenwash your current pollution out of existence.
What I’m asking every fossil fuel company to do is give consumers like us green choices as soon as you possibly can. And don’t masquerade, don’t put lipstick on a pig, in the meantime.