Oil, gas equipment and services sector was one of the most oversold segments when oil prices plunged; Oil field services contractors bore brunt of three-year oil plunge.
As oil prices rebound, equipment and services outperformed.
With higher oil prices, U.S. shale producers are pumping out more oil. US. Energy Information Administration projects U.S. oil production could top 10 million per day by February and even hit 11 million per day by end of next year.
XES’ top holdings include Noble Corporation 3.8%, Nabors Industries 3.7%, Ensco 3.6%, Oil State International 3.6%, and Technipfmc 3.5%.