The share prices of major energy companies inside the S&P/ASX 200 Index (ASX: XJO) were various shares of green and red on Tuesday. This followed the posting of a bearish outlook for the price of oil from one broker.
What happened?
According to Bloomberg, the indexes for WTI crude oil and Brent crude are down 0.65% and 0.61%, respectively. WTI crude sells for US$90.17 per barrel, and Brent crude sells for US$96.06 per barrel.
Today, The Australian reported on the analysis provided by Citi for the reduced demand for oil. Citi stated that the United States' demand for oil is heading towards 20-year lows. This is amidst a lack of a US 'driving season' due to higher petrol prices, with more people choosing to stay home.
Furthermore, analysts at Citi said that a recession could lead to a further decline in the demand for commodities.
Let's examine how Australia's main energy companies reacted to this bearish outlook.
How did ASX 200 energy players hold up today?
Firstly, let's take a look at the ASX 200 energy shares that managed to finish in the green. Substantial gains across the oil-exposed sector were sparse, with Viva Energy Group Ltd (ASX: VEA) being one of few to post a positive return of more than 3%.
Meanwhile, Woodside Energy Group Ltd (ASX: WDS) was one other big oil and gas name that conjured up a green day. The energy giant finished 0.47% higher, trading near the top end of its 52-week range. Shares in the company are now sitting at $31.90 apiece.
On the flip side, the valuation of Santos Ltd (ASX: STO) took a small hit with the share price contracting 0.28%.
The biggest loser today out of the three was Ampol Ltd (ASX: ALD), recording a loss of 0.96%.
Overall, the S&P/ASX 200 Energy index finished up in the green with a slight gain of 0.13%.
