The Woodside Energy Group Ltd (ASX: WDS) share price soared ahead again today.
Woodside shares rose 3.89% to close the day at $38.17. For perspective, the S&P/ASX 200 (ASX: XJO) lifted 0.51% today.
Let's take a look at what impacted the Woodside share price.
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What's going on?
Woodside was not the only ASX energy share to rise today. The Santos Ltd (ASX: STO) share price jumped 2.3%, while Beach Energy Ltd (ASX: BPT) shares jumped 0.93%.
The Brent Crude oil price has lifted 1.86% to US $96.43 a barrel, while WTI crude oil has risen 2.02% to US$89.95 a barrel, according to Bloomberg.
The oil price jumped as the US dollar index lifted, Reuters reported. The US dollar index is down 0.33% to 112.56 at the time of writing.
However, ANZ commodity strategists Daniel Hynes and Soni Kumari warned of signs of weakness in oil demand in a research report on Thursday. The strategists said:
We now expect global demand in Q4 2022 to grow by only 0.6 mb/d from the same quarter last year and to moderate next year.
Meanwhile, the European natural gas price steadied overnight amid cooler weather forecasts in Europe. Natural gas prices are currently up 0.77% to US $6.02 per MMBTU.
Saxo Bank head of commodity strategy Ole Hansen said in quotes cited by Bloomberg:
We are getting closer to a turn in the weather. The best protection against winter shortages remains a high price.
Meanwhile, Woodside revealed yesterday it has paid more than $13 billion in Australian taxes and royalties since 2011.
From January to October 2022, Woodside paid more than $2 billion in Australian taxes.
On Wednesday, Australian treasurer Jim Chalmers revealed the Government could tax gas. In quotes cited by the Australian Financial Review, Chalmers said:
I think we have crossed a threshold where everybody in our cabinet and I think most people in the Australian community accept that when this is driven by a war, when the price is expected to become so extraordinarily high that they risk strangling industries, we need to do something about it.
Woodside share price snapshot
The Woodside share price has surged 66% in the past year, while it has soared 74% year to date.
For perspective, the ASX 200 has fallen 7% in the past year.
Woodside has a market capitalisation of more than $72 billion based on the current share price.
