“By the way, according to our contacts on the Street, there is an inordinate amount of ‘Street Buzz’ going around that there is so much short selling in energy stocks being done by hedge funds that some stocks are becoming hard to borrow,” NYSE floor governor Rich Barry told Business Insider. “It is a hugely crowded trade at the moment.”
West Texas Intermediate crude oil futures rose 4.9% to $51.2 per barrel Thursday while Brent crude oil futures increased 5.0% to $57.4 per barrel. XLE was up 1.2% Thursday. [A Large-Cap Energy ETF to Play the Rebound in Oil]
Energy Select Sector SPDR Fund
For more information on the energy sector, visit our energy category.
Max Chen contributed to this article.