마라톤 오일 (MRO)

Marathon Oil Corporation Stock (MRO) dropped by 4.06% from $26.61 to $25.53 in the trading on Tuesday November 7, 2023. The reason why MRO stock down today is due to the concerns about tepid demand. It is due to the data showing exports out of China, one of the world’s largest oil consumers, declined for the sixth consecutive month in October.

Shares of Marathon Oil Corporation (MRO) dropped by 4.98% from $25.68 to $24.40 in the trading on Wednesday October 4, 2023. The reasons why stock MRO is down today includes:

• Oil prices fell sharply: Oil prices experienced a substantial decline of more than 5% on October 4, marking the most significant single-day drop since March 2020. Several factors contributed to this downturn, notably concerns surrounding a potential global economic recession, the upward trajectory of interest rates, and the strengthening of the US dollar. Marathon Oil Corporation, a significant player in the oil production industry, demonstrates a notable correlation between its stock price and oil prices. As a result, when oil prices decline, the stock price of MRO tends to mirror this downward trend.
• US weak oil and gas demand: According to the U.S. Energy Information Administration's (EIA) report on Wednesday, last week's finished motor gasoline supplied, a demand indicator, hit a yearly low at around 8 million bpd. Severe weather, including flooding in New York and post-tropical storm Ophelia, likely contributed to this drop. JP Morgan's commodity analysts noted that U.S. gasoline consumption is currently at its lowest point in 22 years. Additionally, a 30% increase in fuel prices during the third quarter of the year led to an unexpected 223,000 bpd decline in demand, defying typical seasonal patterns. The decline in demand for oil and gas would hurt the profits of oil and gas companies like MRO.