⚡️Baker Hughes Surges on Earnings Beat; EQT Falls as Natural Gas Prices Slide | Energy Sector Insights
The Energy Select Sector SPDR Fund (XLE) rose 1.5% after a larger-than-expected drop in U.S. crude inventories and news of a major U.S.-Japan trade deal. Key contributors included Chevron and Exxon, while Baker Hughes surged on earnings and ConocoPhillips approached a major asset sale.
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Wednesday, July 23
XLE [+1.5%]
Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund (XLE) has experienced a price increase of 1.5% during Wednesday's market hours. U.S. crude oil inventories fell by over 3 million barrels in the week ending July 18, surpassing expectations and signaling strong demand amid peak summer travel. Additionally, a new trade agreement between the United States and Japan will reduce tariffs on Japanese goods to 15% while committing $550 billion in investments into the U.S., potentially enhancing energy consumption levels. Among the ETF's holdings, significant contributors included Chevron (CVX) and Exxon Mobil (XOM), both of which saw notable returns. Baker Hughes (BKR) reported better-than-expected Q2 results, while ConocoPhillips (COP) is nearing a substantial asset sale in Oklahoma, with an analyst maintaining a positive rating on the stock despite a lowered price target.