The Woodside Energy Group Ltd (ASX: WDS) share price has started the day 2% lower and is now trading at $30.43.
Investors have pushed the Woodside share price lower today on no news.
In broad market moves, the S&P/ASX 200 Energy Index (ASX: XEJ) has also slipped around 1.5% into the red in early trade.
What’s up with the Woodside share price?
The price of oil has been volatile in recent weeks after surging back up to multi-year highs on 8 June.
It has since consolidated back to a key support level. Multiple forces have been acting on oil dating back to the start of the European conflict.
This has resulted in volatility in the second quarter, with traders now paying a premium for the black gold – the highest in years.
Brent crude oil now trades at US$110 per barrel, down from a high of US$124 per barrel.
But the upside certainly hasn’t been a bad thing for the Woodside share price.
Alongside the oil price, Woodside has snaked its way higher since December 2021 as well.
Shareholders have enjoyed a tidy return in 2022 from the company, with Woodside clipping a 39% gain since trading resumed in January.
Meanwhile, broad equity markets continue to struggle, as the commodity trade continues to wind on.
The returns of the benchmark against the Woodside share price and oil are plotted on the chart below.
In the last 12 months, Woodside has booked a 35% gain, after spiking another 5% this past month of trade.