⚡️Cheniere Energy Expands LNG Capacity as UEC Surpasses Revenue Expectations | Energy Sector Insights
(XLE) has seen premarket gain. This uptick coincides with the announcement of a 25% tariff on steel and aluminum imports, which raises concerns for U.S. oil refiners due to increased processing costs.
Welcome to the MarketReader Energy Minute.
Below are AI-generated insights on moves in the energy sector, powered by MarketReader technology.
Wednesday, March 12
XLE [+0.3%]
Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund (XLE) has seen premarket gain. This uptick coincides with the announcement of a 25% tariff on steel and aluminum imports, which raises concerns for U.S. oil refiners due to increased processing costs. Additionally, the American Petroleum Institute reported a greater-than-expected rise in U.S. crude oil inventories last week, suggesting potential shifts in market dynamics. Social media discussions highlighted a significant increase in crude oil inventory alongside a notable decrease in gasoline stocks, with government figures set to be released soon. Among the ETF's holdings, notable contributors included ExxonMobil and Marathon Petroleum, both of which posted gains. Meanwhile, the Dow Jones Index has increased by 0.55%, reflecting broader market sentiment that may influence XLE's performance.