It's been a very pleasant day overall for ASX shares and the S&P/ASX 200 Index (ASX: XJO) this Tuesday. As it currently stands, the ASX 200 has gained a healthy 1.35%, putting it well back over 6,700 points. But we can't say the same for the Woodside Energy Group Ltd (ASX: WDS) share price.
In stark contrast to the ASX 200, Woodside shares are having a clanger. The ASX 200 oil share is currently sitting at a loss of 1.09% at $32.77 a share.
So what's going on here? Why are investors shunning this energy share?
Why is the Woodside share price lagging behind the ASX 200 today?
Well, oil shares, like Woodside, tend to take most of their pricing influences from the price of crude oil itself. That's because this is the single largest factor that influences their overall profitability.
And, lo and behold, oil prices have had a tough 24 hours. As my Fool colleague James flagged this morning, Brent crude is currently down by 0.17% at US$91.46 a barrel, while West Texas Intermediate (WTI) crude has lost 0.22% at US$85.27.
With the price of oil stalling, it's perhaps no wonder oil shares like Woodside are on struggle street today.
It's not just Woodside either. The energy sector is currently the only ASX 200 sector to have recorded a loss today. As it currently stands, the S&P/ASX 200 Energy Index (ASX: XEJ) is nursing a loss of 0.97%.
Other ASX oil shares like Santos Ltd (ASX: STO) and Beach Energy Ltd (ASX: BPT) have also been significantly sold off. Santos shares are presently down 1.39% at $7.465, while Beach shares have lost 1.17% so far at $1.527 a share.
Oil may be known as black gold. But few investors would be throwing that name around this Tuesday.
