XLE
U.S. crude plunges 5% with demand worries growing alongside COVID cases
- The energy sector (XLE-3.4%) returns to the bottom of the S&P sector
standings as crude oil prices come under pressure, with November WTI (
CL1:COM)-5.1% to $38.53/bbl and plunging below its 200-day moving
average $39.62/bbl.
- There's no obvious catalyst behind today's sharp move, but persistent
demand concerns stemming from the pandemic are outweighing hopes for a
new U.S. stimulus package.
- "The evolving COVID landscape is a massive downside risk for crude
prices," says OANDA's Craig Erlam.
- In a clear sign of weak demand in Japan, the world's fourth biggest
crude buyer, official data showed the country's August oil imports fell
more than 25% Y/Y.
- Four of today's five biggest losers on the S&P 500 are in the oil and
gas sector: APA-7.3%, DVN-7.2%, NOV-6.5%, EOG-6.1%.
- Also: XOM-3.5%, CVX-3.3%, COG-3.6%, SLB-5%, HAL-5%.
- ETFs: USO, XLE, UCO, XOP, VDE, GUSH, OIH, BGR, ERX, BNO
|Today, 12:31 PM|63 Comments
U.S. crude plunges 5% with demand worries growing alongside COVID cases
- The energy sector (XLE-3.4%) returns to the bottom of the S&P sector
standings as crude oil prices come under pressure, with November WTI (
CL1:COM)-5.1% to $38.53/bbl and plunging below its 200-day moving
average $39.62/bbl.
- There's no obvious catalyst behind today's sharp move, but persistent
demand concerns stemming from the pandemic are outweighing hopes for a
new U.S. stimulus package.
- "The evolving COVID landscape is a massive downside risk for crude
prices," says OANDA's Craig Erlam.
- In a clear sign of weak demand in Japan, the world's fourth biggest
crude buyer, official data showed the country's August oil imports fell
more than 25% Y/Y.
- Four of today's five biggest losers on the S&P 500 are in the oil and
gas sector: APA-7.3%, DVN-7.2%, NOV-6.5%, EOG-6.1%.
- Also: XOM-3.5%, CVX-3.3%, COG-3.6%, SLB-5%, HAL-5%.
- ETFs: USO, XLE, UCO, XOP, VDE, GUSH, OIH, BGR, ERX, BNO
|Today, 12:31 PM|63 Comments
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