COM - Energy ETFs sink as oil dips below 100-day moving average

Energy exchange traded funds have fallen in Wednesday’s early session as the price of oil (CL1:COM) has dropped roughly 5%. Predictions of a global recession continue to grow louder, powering a demand destruction narrative in the price of crude. Feeling the pressure are broad energy market ETFs like the SPDR Energy (NYSEARCA:XLE), and Vanguard Energy ETF (NYSEARCA:VDE). Also sliding are exploration, production, and equipment services ETFs like the SPDR S&P Oil & Gas Exploration & Production ETF (NYSEARCA:XOP) and VanEck Oil Services ETF (OIH). Other spot oil funds, such as the United States Oil ETF (NYSEARCA:USO) and the United States 12 Month Oil Fund (USL), have also declined. Daily price action: XLE -3.2%, VDE -3.4%, XOP -3.9%, OIH -4%, USO -4.2%, and USL -4.2%. Oil now trades around $104 a barrel and has collapsed below its 100-day moving average. Furthermore, in early trading, oil dipped as low as $101.53 a barrel and has now subsided 15.8% from its recent

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Energy ETFs sink as oil dips below 100-day moving average