⚡️Energy Select Sector SPDR Fund Rises Amid Crude Inventory Drawdown, While Chevron Faces Bearish Options Activity | Energy Sector Insights
(XLE) has seen a price increase of 0.5% since Tuesday. This uptick coincides with a surprising decline in U.S. crude inventories, which fell by 0.573 million barrels, contrary to expectations of an increase.
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Wednesday, October 30
XLE [+0.5%]
Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund (XLE) has seen a price increase of 0.5% since Tuesday. This uptick coincides with a surprising decline in U.S. crude inventories, which fell by 0.573 million barrels, contrary to expectations of an increase. Such developments suggest tighter supply conditions that could benefit energy sector assets like XLE. Nonetheless, geopolitical tensions and uncertainties related to the upcoming U.S. presidential election are contributing to market fluctuations, with XLE currently experiencing a negative daily return. Among the ETF's holdings, Chevron (CVX) is facing bearish sentiment, with a significant portion of unusual options trades reflecting a pessimistic outlook. Analysts have set a consensus target price for CVX at 168.6, anticipating a price range of 130.0 to 152.5 over the next three months, ahead of its earnings release in three days.