Related: Oil ETFs Lift on New Supply Data Report
Obviously, production is a key element in the decision-making process regarding energy investments. Currently, oil investors face conflicting reports regarding output. For example, Venezuela’s crude output is plunging to multi-year lows while Algeria is looking to boost production.
“Since late 2016, XLE has been in a well-defined down channel. A linear regression of the downtrend channel from peak to breakout has a P-value of over 96%. In early September, XLE broke out of this channel, back-tested the line before resuming higher,” according to Seeking Alpha.
Investors have pulled $479.3 million from XLE since the start of the third quarter.
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