Woodside (ASX:WPL) share price sinks 5% despite new deal

The Woodside Petroleum Limited (ASX: WPL) share price is sinking today despite the company announcing a supply agreement for liquefied natural gas (LNG).

At the time of writing, the Woodside share price is down 5.45% to $23.96.

Let’s take a closer look at what Woodside announced.

LNG supply agreement

Woodside advised it has entered a sale and purchase agreement with RWE Supply & Trading GmbH (RWE). The contract will tap into Woodside’s global energy portfolio to deliver roughly 0.84 tonnes per annum of LNG.

This deal extends the working relationship between both parties, developed through mid-term and spot business deals in Asia-Pacific and the Atlantic basin.

RWE will use the supply of LNG to service the strong demand from its…