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ExxonMobil Stock Has Fallen 10% in Q4 2018

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Nov. 20 2020, Updated 1:05 p.m. ET

ExxonMobil stock has fallen

So far, ExxonMobil (XOM) stock has fallen in the fourth quarter. We’ll discuss ExxonMobil’s stock performance compared to the oil price changes and equity market movements in the quarter.

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Oil prices and equity market fall

In the fourth quarter, WTI crude oil prices have fallen 31.4%. Oil prices have fallen due to global oversupply concerns. The fall was led by the expectation of a lower global economic growth rate, which could cause the oil demand to decline. Trade tensions also impacted the demand forecast.

In the next week, oil prices could find support if production cuts are announced at OPEC’s meeting on December 6. For more on oil price expectations, read Goldman Sachs: Oil Prices Will Likely Remain Volatile.

The US equity market has also fallen in the fourth quarter due to weaker global growth prospects. The market is impacted by lower earnings growth expectations due to the softer demand outlook. Rising trade tensions are impacting the market. The SPDR S&P 500 ETF (SPY), which is a broader market indicator, has declined 8.3% in the fourth quarter.

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ExxonMobil’s third-quarter earnings

ExxonMobil announced its third-quarter earnings, which exceeded the estimate. The earnings provided some relief for ExxonMobil stock. To learn more, read ExxonMobil Stock Rose 2% after Its Third-Quarter Earnings.

Overall

ExxonMobil stock fell due to a decline in the oil price and equity market. The decline was partially offset by ExxonMobil’s better-than-expected third-quarter earnings.

Peers’ performance

BP (BP), Royal Dutch Shell (RDS.A), and Chevron (CVX) have fallen 13.3%, 12.9%, and 7.6%, respectively, in the fourth quarter. Total (TOT), Suncor Energy (SU), and ENI (E) have declined 16.3%, 18.1%, and 14.6%, respectively, in the fourth quarter.

Next, we’ll discuss ExxonMobil’s moving averages.

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