How the Energy Sector Performed in November 2017
The energy sector had a strong performance in November 2017. The Energy Select Sector SPDR ETF (XLE), which tracks the performance of the energy sector, rose 1.7% in November 2017. On a year-to-date basis, it has fallen 5.8% as of November 30, 2017.
Interested in CVX? Don't miss the next report.
Receive e-mail alerts for new research on CVX
In spite of rising crude oil prices, XLE fell last month. However, WTI (West Texas Intermediate) crude oil active futures contracts rose 5.5% in November 2017. Rising crude oil prices mainly drove investor sentiment for the energy sector that month.
Factors that drove crude oil movement in November
The fall in US crude oil (USO) inventories in the last few weeks and the Keystone pipeline’s operation postponement between November 16 and November 28, 2017, mainly drove crude oil. The pipeline resumed operations on November 28, 2017. In that period, WTI crude oil futures rose 4.8%. The continuation of both Russia’s and OPEC’s (Organization of the Petroleum Exporting Countries) production cut decision through December 2018 also supported crude oil movement.
Major holdings of the energy sector
For more information, be sure to read A Look at Warren Buffett’s Stock Picks in 3Q17.