Why ExxonMobil, Chevron, and BP Rallied by as Much as 25% in November
Shares of U.S. integrated energy giant ExxonMobil (NYSE: XOM) rose nearly 17% in November according to data from S&P Global Market Intelligence. That huge price gain, however, was notably less than what the shares of U.S. peer Chevron (NYSE: CVX) achieved, with a huge 25% advance. And Chevron's gain was edged out by the United Kingdom's BP (NYSE: BP), which saw a 26% rally during the month.
The big energy story in November wasn't really about oil, per se, but about the expectation that the world will move beyond the global coronavirus pandemic. Upbeat trial results from three separate vaccines were released, including offerings from Pfizer and BioNTech, AstraZeneca, and Moderna. Although there are more hurdles to overcome before any of these vaccines are approved and, more importantly, widely available, the results buoyed the mood on Wall Street.
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Source Fool.com
