Energy ETFs Follow Oil Prices Lower
May 23 2019 - 12:35PM
Dow Jones News
By Francesca Fontana
Exchange Traded Funds with high exposure to the energy sector
fell Thursday as oil prices dropped for the third straight day on
rising supply and U.S.-China trade tensions.
Among the ETFs trading lower are the Direxion Daily Energy Bull
3x Shares (ERX), Energy Select Sector SPDR Fund (XLE), and VanEck
Vectors Oil Services ETF (OIH).
The Rafferty Asset Management-issued ERX is a leveraged ETF that
seeks to provide 300% of the exposure to the S&P Energy Select
Sector Index, according to ETF.com. Among its top ten holdings are
NextEra Energy Inc., Duke Energy Corp., and Dominion Energy Inc.
ERX falls more than 10% to $17.58, according to FactSet.
XLE, issued by State Street Global Advisors, tracks a
market-cap-weighted index of U.S. energy companies in the S&P
500, according to ETF.com. Among its top ten holdings are Exxon
Mobil Corp., Chevron Corp., and ConocoPhillips. XLE loses 3.6% to
$61.22.
OIH, issued by VanEck, tracks an index of 25 of the largest
U.S.-listed, publicly traded oil services companies, according to
ETF.com. Among its top ten holdings are Schlumberger NV,
Halliburton Co., and TechnipFMC PLC. OIH falls 5.3% to $13.96.
U.S. oil inventories rose to their highest level since July 2017
and domestic oil production neared a record in data released on
Wednesday, sparking fears of another supply glut. West Texas
Intermediate futures were down 5.3% at $58.19 a barrel in
midmorning trade in New York, on course for their sharpest daily
drop so far in 2019 and set to close at a two-and-a-half-month
low.
Write to Francesca Fontana at francesca.fontana@wsj.com
(END) Dow Jones Newswires
May 23, 2019 12:20 ET (16:20 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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