⚡️Chevron and Phillips 66 Struggle Amid Refining Losses; Baker Hughes Posts Strong Q4 Results | Energy Sector Insights

(XLE) has seen a slight decline of 0.1% in pre-market trading. President Trump announced the imposition of 25% tariffs on imports from Canada and Mexico, effective February 1, which may influence trade relations and oil prices.

Welcome to the MarketReader Energy Minute.

Below are AI-generated insights on moves in the energy sector, powered by MarketReader technology.

Friday, January 31

XLE [-0.1%]
Energy Select Sector SPDR Fund

The Energy Select Sector SPDR Fund (XLE) has seen a slight decline of 0.1% in pre-market trading. President Trump announced the imposition of 25% tariffs on imports from Canada and Mexico, effective February 1, which may influence trade relations and oil prices. This news has already caused fluctuations in the currency markets, with both the Canadian dollar and Mexican peso declining. Exxon Mobil reported fourth-quarter revenues of $83.4 billion, falling short of expectations, while Chevron’s adjusted net earnings also missed consensus despite exceeding revenue forecasts. Both companies declared significant shareholder returns. Among XLE's holdings, Chevron, Phillips 66, and Occidental Petroleum faced notable declines, with Goldman Sachs downgrading Occidental to "sell." Additionally, WTI oil prices have dropped, further reflecting market sentiment impacting energy sector performance.