Energy ETFs Hit Oil Slick
June 23rd, 2011 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)
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