⚡️BP Drops on Weak Q2 Outlook, Oil Prices Dip Amid Gaza Ceasefire Hopes | Energy Sector Insights
Oil prices are declining due to hopes of a ceasefire in Gaza and reduced damage from Hurricane Beryl on U.S. oil facilities, easing concerns about supply disruptions. Analysts have lowered price targets for Phillips 66 (PSX) post-Hurricane Beryl disruptions.
Welcome to the MarketReader Energy Minute.
Below are AI-generated insights on moves in the energy sector, powered by MarketReader technology.
Tuesday, July 9
XLE [-0.9%]
Energy Select Sector SPDR Fund experienced significant movements in its holdings, with top contributors like XOM, PSX, COP, MPC, and VLO showing negative returns. Analysts have lowered price targets for Phillips 66 (PSX) post-Hurricane Beryl disruptions. Marathon Petroleum Corp (MPC) faces challenges from power cuts at its refinery while Valero Energy's (VLO) valuation is impacted by changing market conditions according to Barclays analyst Theresa Chen. Additionally, calculated pivot points suggest a potential bullish sentiment if the price breaks above $90.56 or bearish below $89.37 based on the DeMark method analysis provided recently.