⚡️Energy Stocks Slip Amid Mixed Demand Signals, While USO Drops and BOIL Gains on Chinese Stimulus Boost | Energy Sector Insights
EOG has announced a conference call on November 8, 2024, to discuss its third-quarter results. Meanwhile, oil prices have settled higher due to Chinese monetary stimulus and ongoing supply concerns related to Middle East tensions.
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Wednesday, September 25
XLE [-0.4%]
The Energy Select Sector SPDR Fund (XLE) has seen a decline since Tuesday. Key holdings such as Exxon Mobil (XOM), Chevron (CVX), ConocoPhillips (COP), Schlumberger (SLB), and EOG Resources (EOG) have all posted negative returns, contributing to the ETF's performance. EOG has announced a conference call on November 8, 2024, to discuss its third-quarter results. Meanwhile, oil prices have settled higher due to Chinese monetary stimulus and ongoing supply concerns related to Middle East tensions. As of 2:30 p.m. ET, West Texas Intermediate crude rose while Brent crude also increased. Nonetheless, mixed purchasing managers index readings from the U.S., eurozone, and Japan raised concerns about slowing demand for oil. Additionally, tropical storm Helene poses risks of further supply disruptions in the Gulf of Mexico.