KOS - Why Kosmos Energy Stock Is Plunging Today
Shares of Kosmos Energy (NYSE: KOS) tumbled more than 17% by 3 p.m. ET on Monday. Weighing on the oil stock was its first-quarter results and a sell-off in the oil market.
Crude prices tumbled today in another brutal day for the overall market. WTI, the U.S. oil price benchmark, plunged more than 6%, falling to around $103 per barrel. Weighing on the oil market was weak trade data from China. Given the country's pandemic-related lockdowns, oil traders are increasingly worried about its oil demand. This overall weakness in the oil patch and broader stock market weighed on Kosmos Energy stock.
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Why Kosmos Energy Stock Is Plunging Today