Energy ETFs Hit Oil Slick
June 23rd at 10:15am by Tom Lydon
Energy exchange traded funds were the worst-performing stock sector ETFs on Thursday as crude oil prices plunged nearly 6% and the Dow fell almost 200 points.
In a decidedly risk-off open Thursday, Energy Select Sector SPDR Fund (NYSEArca: XLE) fell 3% with top holdings Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) suffering similar declines.
VelocityShares Daily 2x VIX Short Term ETN (NYSEArca: TVIX) jumped nearly 10% along with Wall Street’s fear index. [Stock, Euro ETFs Smacked]
Crude futures plummeted to around $90 a barrel after the International Energy Agency said it would release stocks from its strategic petroleum reserve in response to supply disruptions in the Middle East. [Oil ETFs Down]
Energy Select Sector SPDR Fund
U.S. Oil Fund (NYSEArca: USO)
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.