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Oil and Earnings Dragged the Energy Subsector Last Week

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Apr. 29 2019, Updated 8:53 a.m. ET

Energy subsector ETFs

In the week ending April 26, major energy subsector ETFs had the following performances:

  • The Alerian MLP ETF (AMLP) rose 0.2%.
  • The VanEck Vectors Oil Refiners ETF (CRAK) fell 1.1%.
  • The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) fell 1.7%.
  • The VanEck Vectors Oil Services ETF (OIH) fell 3.9%.
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Energy subsector

Last week, US crude oil prices fell 1.2%, while natural gas active futures rose 1.8%. On April 26, US crude oil prices had the third-highest one-day decline in 2019. Apart from weakness in oil prices, earnings-related sentiments might have dominated these energy ETFs. US downstream stocks account for ~30.1% of CRAK. The stocks could be impacted positively by another rise in the Brent-WTI spread this week. Last week, the Brent-WTI spread expanded by ~$1.

Energy sector performance

Last week, US crude oil June futures fell 1.2%, while the Energy Select Sector SPDR ETF (XLE) fell 1.4%. XLE had the largest decline among the sector-specific SPDR ETFs under review, despite a 1.2% rise in the S&P 500 Index (SPY) last week.

Last week, the Health Care Select Sector SPDR Fund (XLV) rose 3.6%—the largest rise among the sector-specific SPDR ETFs. Most of the sector-specific SPDR ETFs closed in the green last week.

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