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Oil’s Rise Wasn’t the Only Driver of Energy’s Score Last Week

Robert Scott
Oil’s Rise Wasn’t the Only Driver of Energy’s Score Last Week

Energy's Performance Last Week—and What's on the Agenda This Week(Continued from Prior Part)## US equity indexesBetween January 4 and January 11, US equity indexes rose. The S&P Mid-Cap 400 (IVOO), the S&P 500 Index (SPY), and the Dow Jones Industrial Average (DIA) rose 4.7%, 2.5%, and 2.4%, respectively. Energy stocks make up 5.1%, 5.9%, and 5.2% of these indexes, respectively.## Oil, the broader market, and energy ETFsLast week, US crude oil February futures rose 7.6%, while the Energy Select Sector SPDR ETF (XLE) rose 3.6%. XLE rose the fourth-most among sector-specific SPDR ETFs. In addition to oil’s rise, broader market indexes may have had a significant role in XLE’s rise. Equity indexes have recovered due to China-US trade talks. However, the factors we discussed in the previous article could be a concern for these equity indexes. Last week, the Industrial Select Sector SPDR ETF (XLI) rose 4.2%—the most among sector-specific SPDR ETFs. The Consumer Staples Select Sector SPDR ETF (XLP) rose 0.7%—the least among sector-specific SPDR ETFs in the week that ended on January 11. All sector-specific SPDR ETFs rose last week.## Energy ETFsLast week, major energy subsector ETFs’ performances were as follows: * The VanEck Vectors Oil Services ETF (OIH) rose 7.8%. * The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) rose 6.2%. * The VanEck Vectors Oil Refiners ETF (CRAK) rose 2.1%. * The Alerian MLP ETF (AMLP) rose 1.9%.The broader market’s and oil prices’ rises may also have been behind these energy ETFs’ rises last week.Continue to Next PartBrowse this series on Market Realist: * Part 1 - The China Factor Could Drag on Oil This Week * Part 3 - These Upstream and Oilfield Stocks Outperformed Energy Last Week * Part 4 - A Look at the Biggest Falls in Energy Last Week