The Woodside Energy Group Ltd (ASX: WDS) share price is in the red today.
Woodside shares are currently down 1.39%, fetching $32.74 apiece. For perspective, the S&P/ASX 200 Energy Index (ASX: XEJ) is sliding 0.39% today. In contrast, the S&P/ASX 200 Index (ASX: XJO) is climbing 0.29%.
Let's take a look at what could be impacting the Woodside share price today.
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What's going on?
Shares in the major oil and gas producer have shed 13% in the past week alone.
As my Foolish colleague James reported this morning, the WTI crude oil price fell 4.7% to US$71.29 a barrel overnight and the Brent Crude oil price fell 4.2% to US$77.39 a barrel.
A supply update from the Organization of the Petroleum Exporting Countries (OPEC) as well as broader economic concerns appeared to weigh on the oil price. In a research note, ANZ economist Kishti Sen said:
Crude oil remained under pressure as concerns of weaker economic activity sparked by Silicon Valley Bank's failure reverberated through the market.
The negative sentiment was aided by OPEC forecasting a modest surplus to remain in place during Q2. The producer group said it will pump around 28.92mb/d, or about 300kb/d more than it expects will be needed.
Commenting on the recent oil price slide, Oanda senior market analyst Ed Moya said "energy traders can't find a reason to buy this dip until we get past the next round of inventory data". According to Bloomberg, he added:
Rising stockpiles are expected and that could keep oil vulnerable over the next 24 hours.
However, the oil price has since recovered this morning. Brent Crude is now up 0.65% to US$77.95 a barrel, while WTI Crude Oil is lifting 0.81% to US$71.91 a barrel, according to Bloomberg Energy.
Woodside reported a record underlying NPAT of US$5.23 billion for the 2022 calendar year. The company lifted its final dividend by 37% to US$1.44 per share. This is due to be paid on 5 April.
Woodside share price snapshot
Despite the heavy losses of the past week, the Woodside share price has climbed almost 6% in the last year.
For perspective, the ASX 200 has dropped 0.9% in the past 12 months.
Woodside has a market capitalisation of about $62 billion based on the current share price.
