The Woodside Energy Group Ltd (ASX: WDS) share price is in the red today.
Woodside shares are currently swapping hands at $31.97 apiece, a 2.59% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) is down 0.76% today.
So what is going on with this ASX oil and gas share?
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Oil prices slide
Woodside shares are down today, but they are not alone among ASX energy shares. The Santos Ltd (ASX: STO) share price is down 0.73%, while the Beach Energy Ltd (ASX: BPT) share price is falling 3.07%. The S&P/ASX 200 Energy Index (ASX: XEJ) is declining 1.77% at the time of writing.
The Woodside share price appears to be falling amid declining oil prices in global markets overnight.
WTI crude oil price dropped 2.1% to US$109.37 a barrel, while Brent crude oil fell 2.4% to US$115.20 a barrel.
The oil price fell amid rising US gasoline and distillate inventories, Reuters reported. The rise in the US dollar also had an impact, according to the news agency. A higher US dollar means oil costs more for those purchasing with alternative currencies.
A report from the Energy Information Administration in the United States put a "damper on the market", according to Again Capital LLC partner John Kilduff. In quotes cited by Reuters, he said:
The rise in gasoline and distillate inventories eases the pressure a bit and the uptick in US production also factored into the price decline.
Woodside merged with BHP Group Ltd (ASX: BHP)'s oil and gas portfolio at the beginning of June, making it a top-10 global energy company by hydrocarbon production. The company also recently listed on the London and New York stock exchanges under the ticker WDS.
Woodside's New York listing descended 1.56% overnight, while the London listing fell 1.09%.
Woodside share price snapshot
The Woodside share price has exploded 44% in the past year while it has surged ahead 46% in the year to date.
In contrast, the benchmark S&P/ASX 200 Index (ASX: XJO) has descended 9% over the past year.
Woodside has a market capitalisation of about $60.9 billion based on today's share price.
