Energy stocks top S&P sector leaderboard as oil price rises
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Energy (NYSEARCA:XLE) is the biggest gainer among S&P sectors Wednesday, +2.5%, boosted by higher crude oil prices after the latest EIA report showed refineries are raising their crude processing to the highest since August 2019, perhaps in anticipation of strong summer demand.
The EIA report also highlighted some bearish drivers, as production hit the highest levels since April 2020 and as crude exports fell.
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 (NYSE: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), (NYSEARCA: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.
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