Energy Stocks Are Out of Fuel – XOM, CVX, COP, BP

This morning, all of the leading energy stocks are trading sharply lower. Exxon Mobil Corp (NYSE:XOM) is considered to be the leading energy stock in the world. Today, XOM stock is trading lower by $1.29 a share to $83.50 a share. Short term traders can watch for intra-day support around the $83.00, and $82.50 levels. The daily chart of XOM will have good support around the $80.60 area. When XOM declines there is a good chance that the entire energy sector will be weak and that is the case today.

Some leading energy stocks that are declining lower today include Chevron Corp (NYSE:CVX), ConocoPhillips (NYSE:COP), and BP plc (NYSE:BP). Traders should remember that most energy stocks will trade inverse to the U.S. Dollar Index. Should the U.S. Dollar Index decline during the trading session that will be when the energy stocks would most likely catch a bid higher.