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
For further details see:
Energy stocks top S&P sector leaderboard as oil price rises