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Why Chevron, ExxonMobil, and Kinder Morgan Stocks Dropped on Monday

Why Chevron, ExxonMobil, and Kinder Morgan Stocks Dropped on Monday

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.