What happened to Woodside shares on Tuesday?

The Woodside Energy Group Ltd (ASX: WDS) share price saw some action today, lifting in earlier trade before closing flat.

Woodside Energy finished the day at $35.08, the same as yesterday's closing price. However, in earlier trade, Woodside shares lifted by as much as 1.74%.

Much the same happened to its oil and gas peer Santos Ltd (ASX: STO). Its shares closed 0.38% lower at $7.94 apiece.

For perspective, the S&P/ASX 200 Energy Index (ASX: XEJ) closed 0.5% higher today.

Let's take a look at what may have been impacting Woodside today.

What's happening?

The WTI Crude Oil price is rising 2.23% to US$88.81 a barrel, Bloomberg data shows. However, the Brent Crude Oil price is down 0.63% to US$95.14 a barrel. Natural gas is also down 0.6% to US$8.73 per MMBtu.

The European energy crisis also dominated headlines overnight after Russia cut gas supply to Europe.

Woodside has just signed a flexible sale and purchase agreement with German energy company Uniper. Woodside will supply twelve cargoes of LNG, or 0.8 million tonnes of natural gas, to Europe from January 2023.

CEO Meg O'Neill said the new agreement will "provide a new source of LNG for consumers in Europe seeking alternatives to Russian gas". She added:

It also reflects the increasingly interconnected nature of LNG trade in the Atlantic and Pacific basins as global markets respond to energy security challenges.

Meanwhile, Prime Minister Anthony Albanese has assured key trading partners Australia will "continue to be a trusted and stable supplier of energy and resources", the Australian Financial Review reported. He commented:

As we work with other nations to reduce emissions globally, we will continue to be a reliable provider of energy.

Woodside share price snapshot

The Woodside share price has soared 80% in the past year, while it has gained 60% year to date.

For perspective, the S&P/ASX 200 Energy Index (ASX: XEJ) has risen nearly 50% in the past year.

Woodside has a market capitalisation of about $66.6 billion based on the current share price.