- Market Vectors Steel ETF (SLX)
SLX is up the most at 16.7%. Although this ETF has fluctuated greatly, it’s still a top performer.
- iShares S&P Global Materials (MXI)
MXI is up 10.3% and has been steadily trending upward most of this year.
- SPDR S&P Oil & Gas Equipment & Services (XES)
XES is up 7.8% and might continue its climb as long as energy prices remain high and global demand outpaces supply.
Oil-based ETFs are likely to rise based on expectations that the hurricane season will intensify and that OPEC won’t boost production when it meets next week, according to John Wilen for the Associated Press. The beginning of hurricane season already has seen two Category 5 storms: Dean and now Felix. Experts predict that at least six more hurricanes are likely this season, which puts oil and gas infrastructures in the Gulf of Mexico at risk. The price increase of light, sweet crude oil to $74.65 a barrel also helps boost 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.