Insights

Why is the Santos (ASX:STO) share price falling on Monday?

Here’s what’s weighing on Santos’ stock today.
The post Why is the Santos (ASX:STO) share price falling on Monday? appeared first on The Motley Fool Australia. –

The Santos Ltd (ASX: STO) share price is off to a rough start this week despite no news having been released by the company.

At the time of writing, the Santos share price is $6.59, 2.23% lower than it was at Friday’s close.

For context, the S&P/ASX 200 Index is currently down 0.4%, while the All Ordinaries Index (ASX: XAO) has slid 0.3%.

Let’s take a look at all that might be weighing on the company’s stock today.

The Santos share price is tumbling on Monday

The Santos share price is slipping today alongside oil prices and its peers’ stock. Thus, tumbling oil prices and a rocky energy sector might have something to do with the oil and gas producer’s suffering.

According to data from CNBC, West Texas Intermediate oil is trading at US$75.50, a 7-week low. Meanwhile, buyers can get their hands on a barrel of Brent crude oil for US$78.35.

The Australian Financial Review reports the fall is due to a fourth wave of COVID-19 that has spurred the resumption of lockdowns in parts of Europe.

At the same time, the United States, Japan, India, and China are reportedly considering releasing some of their oil reserves.

The international news has seemingly weighed on the S&P/ASX 200 Energy Index (ASX: XEJ), which has slumped 1.6% at the time of writing.

Perhaps unsurprisingly, the sector’s biggest weights are oil-producing stocks.

Leading the fall is the Beach Energy Ltd (ASX: BPT) share price. It has dipped 4% today.

Meanwhile those of Oil Search Ltd (ASX: OSH), Worley Ltd (ASX: WOR), and Woodside Petroleum Limited (ASX: WPL) have dropped 2.2%, 2.6%, and 2.2% respectively.

Right now, the Santos share price is 2.4% higher than it was at the start of 2021. However, it has slipped 6.3% since this time last month.

The post Why is the Santos (ASX:STO) share price falling on Monday? appeared first on The Motley Fool Australia.

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More reading

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5 things to watch on the ASX 200 on Monday

Oil Search (ASX:OSH) shares undervalued in Santos merger: expert

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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