Checking In With 2 Oil Stocks Amid Energy Slide

Oil stocks are moving lower alongside oil prices

Deputy Editor
Mar 24, 2023 at 11:43 AM
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Several members of the energy sector are sliding alongside oil prices today. Renewed bank concerns are weighing on black gold, as well as demand prospects as the U.S. holds off on refilling its strategic reserve, which may take several years, according to U.S. Energy Secretary Jennifer Granholm.

Marathon Oil Corp (NYSE:MRO) is down 1.9% at $21.57 at last glance, and on track for its third-straight daily loss after shares were turned away at the $23 level. Heading back toward this month's seven-month lows, the equity is down 20% year-to-date.

It's also worth noting that this month's slide sent MRO below its 320-day moving average for the first time since January 2021. The stock is overdue for a short-term bounce, however, as per its 14-day relative strength index (RSI) of 26.8, which sits in "oversold" territory. 

The shares of Exxon Mobil Corp (NYSE:XOM) are in the same boat, down 1.8% at $101.60. The stock's most recent pullback has it running into long-term support at its  250-day moving average. Year-over-year, XOM is up 21.9%, though it carries a 7.8% year-to-date deficit.

Options bears have been taking more of an interest in Exxon Mobil stock lately. The security's 10-day put/call volume ratio of 1.35 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 88% of readings from the past year. 

 

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