⚡️Energy Stocks Slide as Oil Falls After Eight-Day Rally | Energy Sector Insights
XLE moved lower as oil prices dropped sharply following an eight-day winning streak. The pullback was driven by easing U.S.–Iran tensions and increased supply from Venezuela, pressuring crude prices and energy equities. Major names including Chevron and ExxonMobil declined.
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Below are AI-generated insights on moves in the energy sector, powered by MarketReader technology.
Monday, February 2
XLE [-1.6%]
Energy Select Sector SPDR Fund
Energy Select Sector SPDR Fund (XLE) is currently down, reflecting a broader decline in the energy sector, which has dropped significantly. This downturn follows an eight-day winning streak. Concurrently, oil prices have also fallen sharply, with U.S. crude futures settling lower, influenced by easing tensions between the U.S. and Iran and increased supply from Venezuela. Social media discussions highlight that XLE started February as the worst-performing sector, despite its strong performance in January. Notably, Chevron and ExxonMobil, key holdings within XLE, have also shown negative returns today. Additionally, the ISM Manufacturing PMI data released recently exhibited mixed results, contributing to volatility in the energy sector. Overall, these developments coincide with XLE's current performance metrics and reflect a challenging environment for energy equities.