SHEL - Oil green on the day oil stocks not so much

Energy stocks (XLE) were the worst performing sector in the market through the midpoint of the trading day Monday, despite Brent (CO1:COM) and WTI (CL1:COM) trading green on the day. Natural gas (NG1:COM) was lower by ~2% on the day. Oil prices (USO) were supported by news over the weekend that Libyan production had fallen more than 90% from 2021 levels, while gas (UNG) saw support from extreme, hot weather across much of the US. However, having risen over 50% year to date, with the market down ~20% on the year, energy equities (XLE) took a beating Monday. The index of energy equities (XLE) was down over 6% during the morning session, with leaders like EOG (EOG) and Apache (APA) down ~9%. European names like BP (BP) and Shell (SHEL) faired better, down 2-3%. With earnings on the horizon, energy investors are focused on balancing what are sure to be record

For further details see:

Oil green on the day, oil stocks not so much