⚡️Hurricane Milton Shakes Energy Markets as USO Slides Amid Oil Price Volatility and Exxon Downgrade | Energy Sector Insights
The Energy Select Sector SPDR Fund (XLE) has seen a daily return decrease amid a backdrop of fluctuating oil prices. Brent and WTI crude futures have rebounded slightly today after a significant drop yesterday, rising by approximately 0.8%.
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Wednesday, October 9
XLE [-0.4%]
Energy Select Sector SPDR Fund
The Energy Select Sector SPDR Fund (XLE) has seen a daily return decrease amid a backdrop of fluctuating oil prices. Brent and WTI crude futures have rebounded slightly today after a significant drop yesterday, rising by approximately 0.8%. However, Brent crude prices overall have declined significantly, which may influence the fund's performance. Concurrently, Hurricane Milton is causing disruptions in Florida, leading major companies to shut down oil operations, potentially affecting energy supplies. Notably, Exxon Mobil Corp (XOM) has been downgraded to "underperform" by BNPP, with a price target of $105, reflecting a shift in analyst sentiment that may exert downward pressure on its stock price. Other notable contributors to XLE's performance include Chevron (CVX) and ConocoPhillips (COP), both also experiencing declines.