Skyrocketing oil prices might hurt the pocketbook, but they could certainly be a boon for exchange traded funds (ETFs). The price of oil is tip-toeing around $100 a barrel, and shares of some oil companies are rising right alongside it.
The milestone might be staved off for now, since the government reported that supplies at a terminal in the Midwest rose for the first time in weeks, says John Wilen of the Associated Press. Other inventories have fallen, though, so there could be some back-and-forth in the coming days.
ETFs are reaping the benefits of the high costs of oil. The Energy Select SPDR (XLE) is up 28.7% year-to-date and if prices continue to go through the roof, XLE could get a boost. Other energy ETFs include: