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Energy Stocks Lose Early Steam

February 13, 2012 – Comments (0) | RELATED TICKERS: XOM , COP , CVX

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.

Nicholas Santiago
InTheMoneyStocks.com