The iShares Dow Jones U.S. Oil & Gas Exploration & Production Index (IEO) exchange traded fund (ETF) has rebounded nicely. It’s currently up 19% year-to-date. Its top holdings include Occidental Petroleum (OXY) at 11.1%, Valero Energy (VLO) at 9.1% and Devon Energy (DVN) at 8.0%.
The cost of oil is one of many factors that could be pushing up IEO. Oil prices rose today on a report that showed diminishing U.S. supplies of crude oil and gasoline, according to Lauren Villagran for the Associated Press. The report also showed that conflicts in the Middle East could affect oil and gas supplies. The U.S. embassy in Nigeria, a major supplier of oil to the U.S., warned that American interests are at risk in the country.
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.