With the markets seeing a major sell-off on Monday, the fears of the latest coronavirus spreading into a pandemic beyond China (South Korea, Italy, Turkey) are becoming more real. We are also now getting to see some of the expected “election volatility” come into play after having been considered a “market risk” rather than a market event until this point.
Chinese industry demand has dropped by about 4 million barrels a day, roughly 4% of global daily demand. Demand is not expected to pick up until the data show that the spread of the disease has stopped.
24/7 Wall St. has tracked some of the top energy stocks that have done so well in 2019 and at the start of 2020, and these shares were all paying a big price with big selling pressure on Monday morning. We will cover the moves later in the day as a refresh to this story.
By late morning, the Dow Jones industrials were down about 860 points at 28,133.19 and the S&P 500 was down nearly 94 points at 3,243.85. The tech-heavy Nasdaq was down 319 points (3.3%) at 9,250 on last look. Here is how the companies in focus have been trading.
Exxon Mobil Corp. (NYSE: XOM) closed at $59.13 on Friday, down from a recent high of $69.87, and it was down 3.55% at $57.04 late Monday morning.
Chevron Corp. (NYSE: CVX) closed at $109.01 on Friday, below a recent high or around $112.50. Shares traded down about 3.2% Monday at $105.58.
BP PLC (NYSE: BP) shares closed at $35.36 on Friday below a recent high of more than $37.00. Just ahead of the noon hour Monday, the stock traded at $34.00, down 3.9% for the day.
Royal Dutch Shell PLC (NYSE: RDS-A) closed at $49.17 on Friday, against a recent high of $52.66, and shares traded down about 3.7% Monday at $47.35.
Occidental Petroleum Corp. (NYSE: OXY) closed last week at $42.12, versus a recent high of $43.22. The stock traded down 4.4% Monday morning at $40.26.
Continental Resources Inc. (NYSE: CLR) closed Friday at $25.30, below a recent high of $28.66. Shares traded down 7.4% Monday morning at $23.43.
Parsley Energy Inc. (NYSE: PE) closed at $16.75 on Friday, well short of a recent high of $17.45. The stock traded down about 7.8% Monday at $15.45.
Pioneer Natural Resources Co. (NYSE: PXD) closed at $142.25 on Friday, not far from a recent high of $143.91, but shares were trading down 5.7% Monday morning at $134.14.
Hess Corp. (NYSE: HES) closed at $64.42 Friday, near a recent high of $64.72, but Monday morning was a different story. The stock traded down 6.6% at $60.17.
Marathon Oil Corp. (NYSE: MRO) closed at $10.11 on Friday, down sharply from a recent high near $12.00. Shares traded down 6.1% at $9.49 just before noon on Monday.
ConocoPhillips (NYSE: COP) closed at $58.44 on Friday, below a recent high of $60.95. Shares were down about 2.9% Monday morning at $56.73.
Apache Corp. (NYSE: APA) closed Friday at $28.40, not far from a recent high of $29.07. The stock traded at $26.63 on Monday, down about 6.2%.