XLE - Energy stocks top S&P sector leaderboard as oil price rises

2023-06-07 13:35:45 ET

Energy ( NYSEARCA: XLE ) is the biggest gainer among S&P sectors Wednesday, +2.5% , boosted by higher crude oil prices after a report showed refineries are raising their crude processing to the highest since August 2019, perhaps in anticipation of strong summer demand.

U.S. WTI crude ( CL1:COM ) for July delivery recently traded +1.5% to $72.83/bbl and front-month August Brent crude ( CO1:COM ) +1.2% to $77.22/bbl.

Marathon Oil ( MRO ) is the group's top performer on the S&P 500, +4.9% , followed by Halliburton ( HAL ) +4.3% , APA Corp. ( APA ) +3.9% , EQT Corp. ( EQT ) +3.8% and ConocoPhillips ( COP ) +3.2% .

ETFs: ( XLE ), ( XOP ), ( VDE ), ( OIH ), ( XES ), ( IEZ ), ( USO ), ( BNO ), ( UCO ), ( SCO ), ( DBO ), ( USL ), ( DRIP ), ( GUSH ), ( USOI ), ( NRGU )

The gains have lifted the sector to the top of this week's leaderboard, rising ~2.5% since last Friday vs. a roughly flat S&P, but even with the recent strength, the sector remains at the bottom of the YTD sector leaderboard with a 7% loss while the S&P 500 has jumped 11.5% this year.

More on oil and gas:

• Saudi production cut unlikely to boost prices to high $80s-low $90s, Citi says
• OPEC+ meeting looking like a failure as Saudi cut fails to sustain oil price gain
• XLE: Saudi Arabia sends a message

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