XOM - Will Cupid's Arrow Hit The Energy Market With Some Love This Week?
By Managing Director and Portfolio Manager Brian Kessens
Tough love for energy last week, as broad energy fell 3% and MLPs dropped -3.6% (with lots of dividend ex-dates). Producers brought up the rear, declining 6.4%.
Crude oil prices were no help, slipping 4.6%, though crude oil inventory data continues to be constructive as petroleum stockpiles came in smaller than expected. In fact, U.S. gasoline demand over the last four weeks is the highest for the period since 2007. Weighing on crude oil prices were U.S.-China trade talk uncertainty and lower eurozone GDP forecasts. Furthermore, the