Oil Stocks Not Following Oil (XOM, CVX, COP)

By Douglas A. McIntyre Updated Mar 26, 6:16PM EDT · Published Jun 6, 10:27AM EDT

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Oil on last look was up huge at $134.36 per barrel, up $6.58 from yesterday’s gains in what is one of the larger two-day moves in recent trading. Israel’s transportation minister said that if Iran continues with its nuclear bomb-making potential it will attack it. Morgan Stanley’s call for $150.00 oil probably only contributed to such a rise.

The DJIA is trading down sharply by being down over 260 points in reaction to extraordinary oil moves and every single DJIA component is trading lower. Interestingly enough, even the major integrated oil companies are down on the day as of 11:16 AM EST:

CHEVRON CORP (NYSE: CVX) $99.88 (-$0.04; 0.04%)
EXXON MOBIL CORP. (NYSE: XOM) $88.14 (-$1.17; -1.31%)

Elsewhere, other major oils are lower as well as ConocoPhillips (NYSE: COP) $93.68 (-$0.14; -0.13%).

After one large gain and another even larger gain in black gold, you’d think those stocks would participate. Maybe T. Boone Pickens was right in his call that oil stocks were trading like oil was at $75.00 rather than over $100.00.

Jon C. Ogg
June 6, 2008

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.