Why ExxonMobil, Chevron, Kinder Morgan, and Other Energy Stocks Jumped Today
Moderna gave investors some hopeful news on Monday. The biotech said its vaccine candidate could be over 94% effective at preventing COVID-19 infections. Combined with similarly positive news from drugmakers Pfizer and BioNTech last week, the market began to look ahead to a post-pandemic economic recovery.
In turn, shares of energy companies Chevron (NYSE: CVX), ExxonMobil (NYSE: XOM), and Kinder Morgan (NYSE: KMI) rose 7.1%, 5.8%, and 4.1%, respectively.
Coronavirus-related business closures and plummeting demand for travel services led to a sharp decline in oil prices during the early stages of the pandemic. That, in turn, resulted in steep losses for oil and gas titans Chevron and ExxonMobil. Even businesses that are less exposed to energy price fluctuations, like pipeline giant Kinder Morgan, saw reduced demand for their services and corresponding profit shortfalls.
Source Fool.com
