Why Chevron, Exxon, and Kinder Morgan All Fell Today
Shares of major oil stocks, including diversified majors Chevron (NYSE: CVX), ExxonMobil (NYSE: XOM), and pipeline giant Kinder Morgan (NYSE: KMI) all fell on Tuesday, declining 2.4%, 3%, and 2.6%, respectively, as of 2:41 p.m. ET.
The entire market was down today, as recession fears appeared to loom over most stocks. A recession of course wouldn't be good for any commodity, oil and gas included. In addition, the government's energy agency lowered its outlook for oil prices next year, adding to the bearish overhang on oil and gas names especially.
On Tuesday, the U.S. Energy Information Administration (EIA), a government agency, lowered its average oil price forecast for 2023 to $92, down from an expectation of triple-digit oil prices earlier this year and a $95 forecast last month.
Source Fool.com
