Another record day for Exxon Mobil

Posted May 21st 2007 5:10PM by Michael Fowlkes
Filed under: Major Movement, Industry, Consumer Experience, Exxon Mobil (XOM), Chevron Corp (CVX), ConocoPhillips (COP), Oil

With record high gasoline prices and rising oil, it looks like nothing can stand in the way of Exxon Mobil (NYSE: XOM) lately. The stock has definitely been on fire, and once again today set a new all time high, trading up as high as $84.32 earlier in the session.

I know we are all tired of hearing about the current gasoline prices, but unfortunately there is no way around it... gasoline prices are hot! It was announced today that the national average for a gallon of gasoline rose to $3.196. Not a pretty picture for consumers, but for oil and gas investors things just couldn't get any better.

Gasoline isn't the only thing on the move, oil has been trading higher as well today. Oil is slowly but surely making its charge back up to the $70 level. Today the precious crude has jumped $0.90 to $66.88 and early today hit an intra day high of $67.10.

All of this, and we still have not even hit the peak summer driving months. At this rate the predicted $4 gallon of gas could definitely turn into a reality. I personally do not think that we are going to see prices tick up that high, but for now there seems to be nothing standing in the way of even higher prices.

In case you were wondering, XOM is not the exception as far as hitting new highs, there are several oil companies that have been moving to set new highs today:

Valero Energy (NYSE: VLO): stock set a new 52-week high today of $76.57 and is now trading up 2.8% to 76.05 up $2.08
Chevron Corp. (NYSE: CVX): company set a new 52-week high today of $83.56 and is currently trading up 0.1% to $82.90 up $0.05
ConocoPhillips (NYSE: COP) after setting a new 52-week of $76.80 the stock is now trading higher by 1.7% to $76.14 up $1.29
Oil Service Holders Trust (NYSE: OIH): hit a new 52-week high of $173.15 and is currently trading up 0.8% to $171.31 up $1.33

For an interesting perspective on how to profit from the current record high gasoline prices, be sure to read Peter Cohan's excellent piece this morning titled How to profit from the $65 fill-up.

Tags: COP, CVX, gasoline, OIH, oil drillers, OilDrillers, record gasoline prices, RecordGasolinePrices, refineries, VLO, XOM