Sydney, June 11, 2026, 04:15 AEST
- Woodside Energy shares traded flat near A$31.04 on the ASX. Extra oil-market jitters didn’t move the stock much, but did prompt another look from investors.
- After the local close, crude moved higher. Reuters said Brent was up, with U.S.-Iran tensions and a bigger U.S. inventory draw putting supply worries back in play.
- Scarborough keeps driving things for Woodside. The liquefied natural gas project was 96% done by the end of March and the company still says first LNG cargo is on track for Q4 2026.
Woodside Energy Group Ltd. held around A$31 on Wednesday, but the oil story shifted again after the bell. WDS last traded at A$31.04, with Google Finance data showing an intraday span from A$30.75 to A$31.07. The S&P/ASX 200 ended up 0.57% at 8,653.3. Energy stocks on the ASX slipped 0.87%.
Energy names took a hit in local trading as oil and gas stocks couldn’t hold gains. ICE Brent crude dipped to US$91.13 a barrel, Market Index said. Woodside and Santos hovered near flat. Coal stocks pulled the sector down. But Brent turned higher later in the global session with Reuters quoting US$94.10 as U.S. crude inventories dropped sharply and U.S.-Iran tensions rose.
Investors are watching because Woodside’s earnings still move with oil and LNG prices. LNG is just natural gas made liquid for shipping by tanker. In its latest first-quarter update, Woodside said average realised price climbed 11% over the previous quarter to US$63 per barrel of oil equivalent. That standardises oil, gas and other output.
Oil jumped after Reuters reported U.S. crude stocks dropped by 7.2 million barrels for the week ended June 5, much more than the 4 million-barrel decline analysts called for. Refiners boosted production to make up for shortfalls tied to the Iran war.
Oil had swung in recent sessions as hopes for a deal kept prices in check. But on Wednesday, Reuters cited Priyanka Sachdeva, senior market analyst at Phillip Nova, who said the newest military actions had put a “geopolitical risk premium” back into oil. Reuters
Woodside is pushing through a big production shift. The company said its Scarborough Energy Project reached 96% completion by the end of the March quarter. The project stayed on budget and targets first LNG cargo in the fourth quarter of 2026. Woodside also said the Scarborough floating production unit finished hook-up and has started topsides commissioning.
That is why the stock isn’t just trading as a rough play on crude. Scarborough is the main test in the near term for whether Woodside can keep turning higher prices into lasting cash generation rather than seeing just a single quarter lift. Chief Executive Liz Westcott told investors in April the company’s focus was “operational excellence, disciplined execution and sustainable value creation.” She also said the higher LNG spot prices should show up in coming quarters as contract pricing catches up. Woodside
Woodside’s Q1 update shows a mix for investors. Operating revenue was up 7% from last quarter to US$3.26 billion. Production dropped 8% to 45.2 million barrels of oil equivalent, blamed on seasonal weather. Guidance for full-year 2026 output holds at 172 million to 186 million barrels. Capital expenditure forecast also holds at US$4.0 billion to US$4.5 billion.
Optimism is high in the share price. WDS is up about 31% in 2026, according to Intelligent Investor data, with the stock last at A$31.04. For a new oil rally to attract more buyers, market watchers say investors may want to see clear project delivery.
The risk is that the oil shock driving sentiment now could fade just as fast. If there’s a ceasefire or wider access to shipping lanes, crude could drop. Woodside’s hedging also puts a cap on gains—30 million barrels of 2026 output is locked in at an average US$74.23 per barrel. Project delivery is another swing factor. Delays, higher costs, or lower LNG demand could all cut into the boost from firmer crude.
Woodside said in April that the conflict in the Middle East was not having a material impact on Trion’s cost or timeline, and reported no controlled shipping through Iranian waters or the Strait of Hormuz at that point. Still, the Strait stays under scrutiny. Reuters reported it usually handles around a fifth of the world’s crude and LNG.
Woodside’s next big test comes July 29 with its Q2 report, and then on August 25 with half-year 2026 numbers. Investors will watch if stronger spot prices, the Pluto turnaround, and Scarborough commissioning finally start lifting cash flow instead of just making headlines.
