Recent government data showed a large drop in crude inventories, which created a spike in crude futures and boosted the exchange traded fund (ETF) Energy Select SPDR ETF (XLE) earlier this week. XLE reached a high of $75.33 in intraday trading on Wednesday, after the Energy Information Administration reported a decline in crude stocks of 5.3 million barrels in the latest week, following a 1.8 million barrel increase the previous week, reports Tomi Kilgore for Thomson Financial. XLE has since risen to $76.78 and is up 29.3% year-to-date. Other energy ETFs that also saw a lift include Vanguard Energy ETF (VDE) and iShares Dow Jones U.S. Energy Sector Index Fund (IYE).

The most heavily-weighted company in XLE is Exxon Mobile (XOM) at 21.0%, other top holdings include Chevron (CVX) at 13.1% and ConocoPhillips (COP) at 9.5%.

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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.