Energy stocks have rebounded and today’s report on supply from the Energy Department, showed U.S. crude oil inventories fell last week. With summer here, the demand for gasoline continues to rise. Oil rose to $72.07 a barrel today in anticipation of heavy demand for the holiday weekend.
Exchange traded funds allow individuals to invest in a bag of energy stocks. Energy Select Sector SPDR (XLE) is one such ETF. It recently rose above its 200-day moving average. Top holdings in the ETF include ExxonMobil (XOM), Chevron (CVX) and Conoco Phillips (COP). Year-to-date XLE is up 9.5%.
For full disclosure, we recently purchased XLE for some of our client accounts.
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.