According to the U.S. Energy Information Administration, shale oil production would rise from December by 134,000 barrels per day to 8.17 million barrels per day in January. Russia is pumping oil at post-Soviet era records.
Energy is the worst-performing sector in the S&P 500 this year and IXC is far from being the only energy ETF that investors are departing.
“IXC is hardly alone. Investors have yanked more than $1 billion from all U.S.-listed energy ETFs, putting 2018 on track to be the first year of outflows ever for the industry. Energy is the biggest decliner among all groups in the S&P 500 Index this year, plunging almost 20 percent,” according to Bloomberg.
For more information on the energy sector, visit our energy category.