COM - Energy ETFs drop as oil erases April gains falls below its 100-day MA

2023-04-26 10:58:35 ET

With a further decline in Wednesday's intraday action, oil prices ( CL1:COM ) have erased the gains posted earlier in April and fallen below a key technical barrier. The slide has weighed on ETFs tied to the commodity.

Oil declined 2% in Wednesday's trading, falling to the $76 per barrel range and dropping below its 100-day moving average. With the latest slide, oil is now down 9.3% since reaching a multi-month high on April 12.

Meanwhile, the popular broad-spectrum Energy Select Sector SPDR Fund ( NYSEARCA: XLE ), with its $38.46B assets under management, had dropped along with its key commodity. XLE has found itself lower by 1% on Wednesday and down roughly 5% since its April trading high.

Outside of XLE, other energy-focused funds have also eased gains posted earlier in April. Here is a list of some of the most high-profile examples:

• US Brent Oil ( NYSEARCA: BNO ) -9.1% .
• US Oil Fund ( NYSEARCA: USO ) -8.3% .
• US Oil Equipment & Services iShares ETF ( IEZ ) -6.3% .
• S&P Oil & Gas Eqpt & Services SPDR ( XES ) -6.1% .
• Vaneck Oil Services ETF ( NYSEARCA: OIH ) -6% .

See below a chart outlining oil’s recent slide. In related news, the American Petroleum Institute reportedly showed a draw of 6.1M barrels of oil in U.S. commercial stockpiles for the week ending April 21.

For further details see: