Energy Stocks Lose Early Steam
This morning, the leading integrated energy stocks have pulled back from the opening highs. Traders must remember that the energy sector accounts for roughly 15.0 percent of the S&P 500 Index. The leading energy stock in the world is Exxon Mobil Corp (NYSE:XOM). This stock was trading as high as $84.50 just after the opening bell rang at the New York Stock Exchange. The stock is now trading higher by just 0.24 cents to $84.04 a share. XOM stock will have intra-day support around the $83.75, and $83.00 levels.
Other leading integrated energy stocks that have pulled back from the morning highs include Chevron Corp (NYSE:CVX), ConocoPhillips (NYSE:COP), and BP plc (NYSE:BP). When these leading energy stocks decline they will often cause the Dow Jones Industrial Average, S&P 500 Index, and most of the other important energy stocks to trade lower.