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.
Crude prices fell significantly at the beginning of the week despite robust US economic data coupled with strong labor figures and positive industry PMI
Oil stocks fell on Monday, with Chevron (NYSE: CVX) ending the day down 2.4% and ExxonMobil (NYSE: XOM) falling 2.8%. Kinder Morgan (NYSE: KMI), more of a domestic player in oil and gas transport than in production, suffered a loss of 2.3%. The big news in oil and gas today came out of Saudi Arabia, which announced that it is cutting the price of oil it produces for export to Asia (read "China") by $2.20 per barrel.