Back on May 10th we highlighted flagging performance coupled with asset outflows in a popular Energy Services equity ETF, SPDR Energy Select (NYSEArca: XLE).

Since then, the ETF has fallen an additional 9% but we have actually seen sizable asset inflows in recent sessions, despite the negative price action in the sector product.

XLE, currently trading at price levels not seen since last October, has experienced nearly $1 billion in net creations in the past few trading sessions.

Since the larger outflows last time around preceded a significant leg down in terms of price, we are paying attention to these recent inflows.

Not only have energy services related equities sold off sharply recently (XLE down 9.22% in the past month and down 10.31% YTD), but so has Crude Oil the commodity itself recently as it is also trading at multi-month lows.