The Fuel Fizzles For the Energy Sector
This morning, most of the leading energy stocks are declining lower at the start of the trading session. Exxon Mobil Corp (NYSE:XOM) is considered to be the leading energy stock in the broad energy sector. Today, XOM stock is trading lower by 0.91 cents to $88.18 a share. Short term traders should watch for intra-day support around the $88.07 and $87.54 levels.
Some other leading energy stocks that are coming under selling pressure include Chevron Corp (NYSE:CVX), ConocoPhillips (NYSE:COP), and Devon Energy (NYSE:DVN). The energy sector accounts for roughly 16.0 percent of the S&P 500 Index. Traders should also note that the energy sector will generally trade inverse to the U.S. Dollar Index. Today, the U.S. Dollar Index is trading slightly higher on the session.