|Bid||0.00 x 1000|
|Ask||0.00 x 800|
|Day's Range||64.46 - 66.42|
|52 Week Range||64.37 - 79.42|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||1.07|
|Expense Ratio (net)||0.14%|
Looking at what's behind the current market sell-off, with Sandip Bhagat, Whittier Trust, and Hugh Johnson, Hugh Johnson Advisors.
Oil tries to steady after days of record lows.Yahoo Finance's Seana Smith, Adam Shapiro, and Andy Serwer discuss with Ryan Frederick,Vice President of Trading and Derivatives, Schwab.
Julian Emanuel, BTIG, says investors shouldn't panic here, and discusses whether there's more market volatility ahead. With CNBC's Joe Kernen and the Fast Money traders, Pete Najarian, Steve Grasso, Brian Kelly and Tim Seymour.
What should investors pay attention to? And what's just noise. With Jimmy Lee, Wealth Consulting Group, and Jeff Carbone, Cornerstone Financial Partners.
Oil prices coming out of the red after week's of losses. Yahoo Finance's Julie Hyman, Adam Shapiro, and Julia Laroche discuss with Liz Young, BNY Melon senior investment strategist and Daniel Deming, KKM Financial Managing Director.
Mark Fisher, a famous energy trader, said that he believes the next $10 move in oil prices will be on the upside during an interview with CNBC on November 19. According to Fisher, the oil market might bottom out soon. Earlier on November 14, 2018, in an interview with CNBC, Mark Fisher said that the “worst is over” for crude oil. On the same day, Fisher also pointed out that the sharp fall in oil prices might have been triggered by money rotating from the oil to the natural gas market. So, with the unwinding of this trade, oil prices might rise.
Shares of Exxon Mobil Corp. dropped 1.9% in premarket trade Tuesday, after Raymond James analyst Pavel Molchanov turned bearish on the oil giant, citing concerns over how the outlook for oil prices will impact the company. Molchanov cut his rating to underperform from market perform. His downgrade comes despite being bullish on oil prices, as he estimates 2019 WTI to rise to $77.50 a barrel; January oil futures are currently down 1.6% early Tuesday to $56.30, down 14% this month. "This is no secret, but it bears repeating: Exxon is one of the least appealing ways to play our bullish oil call, particularly after the painful but in our view transitory oil price selloff over the past month," Molchanov wrote in a note to clients. He said Exxon is viewed by investors as "ultra-defensive" as it has limited leverage to oil prices given its "significant overweight" in downstream and chemicals. Exxon's stock has lost 0.5% over the past three months, while the SPDR Energy Select Sector ETF has lost 8.1% and the Dow Jones Industrial Average has slipped 2.9%.
Many midstream companies reported better-than-expected earnings in the third quarter. The earnings were mainly driven by higher oil and gas production and new expansion projects that came online during the quarter. The Alerian MLP ETF (AMLP), which represents the 25 largest MLPs, has returned -3%, while broader markets have returned 4% so far this year. The energy (XLE) sector has fallen more than 7% year-to-date.
On November 9–16, US equity indexes ended in the red. Last week, the Dow Jones Industrial Average (DIA), the S&P 500 (SPY), and the S&P Mid-Cap 400 (IVOO) fell 2.2%, 1.6%, and 0.9%, respectively. Energy stocks form ~5.2%, 5.9%, and 5.1%, respectively, of these equity indexes.
The EIA’s latest oil and natural gas inventory data are scheduled to be released on November 21. The data could be an important short-term driver for oil and natural gas prices.
Shares of Resolute Energy Co. were indicated up over 8% in premarket trade Monday, after the oil and gas company announced a deal to be acquired by Cimarex Energy Co. in a cash and stock deal valued at $1.6 billion, including $710 million in debt. Under terms of the deal, Resolute shareholders can choose between receiving 0.3943 of Cimarex shares, $35 in cash, or a combination of 0.2366 Cimarex shares and $14 in cash for each Resolute share they own. The $35 bid represents a 15% premium to Friday's closing price of $30.49. The cash portion of the deal, which is expected to close by the end of the first quarter of 2019, is expected to be funded through a combination of cash on hand and borrowings under Cimarex's revolving credit facility. "The Resolute assets are expected to generate free cash flow in 2019, basically funding any additional development capital from the start," said Cimarex Chief Executive Thomas Jorden. Cimarex shares were still inactive in premarket trade. Year to date, Resolute's stock has lost 3.1% and Cimarex shares have shed 27%, while the SPDR Energy Select Sector ETF has declined 7.0% and the S&P 500 has gained 2.3%.
On November 8–15, US equity indexes had the following correlations with US crude oil January futures: the Dow Jones Industrial Average (DIA): -5.2% the S&P 500 (SPY): -9.6% the S&P Mid-Cap 400 (IVOO): -10.3%
On November 8–15, major energy ETFs had the following correlations with US crude oil January futures: the VanEck Vectors Oil Services ETF (OIH): 71.2% the Energy Select Sector SPDR ETF (XLE): 65.5% the Alerian MLP ETF (AMLP): 56.6% the SPDR S&P Oil & Gas Exploration & Production ETF (XOP): 37.8%
In an interview with CNBC on November 14, Mark Fisher, a famous energy trader, said that the “worst is over” for crude oil. On November 15, US crude oil prices were 25.8% below their four-year high closing of $76.41 per barrel on October 3.
To help investors keep up with the markets, we present our ETF Scorecard. The Scorecard takes a step back and looks at how various asset classes across the globe are performing. The weekly performance is from last Friday’s open to this week’s Thursday close.
The natural gas rig count was at 195 last week—two more than the previous week. However, the natural gas rig count has fallen ~87.9% from its record level of 1,606 in 2008.
The worst may not be over for the energy sector following a sharp and sudden rout for crude prices, but this is the sort of environment that tends to present genuine “contrarian” opportunities, says one veteran chart watcher.
Energy Transfer (ET) reported its third-quarter earnings last week. Despite its strong performance, the stock has fallen more than 6% since then. The energy (XLE) sector saw similar weakness during this period. The company reported EBITDA of $2.45 billion—an increase of more than 50% from the corresponding quarter last year.
As of November 12, US crude oil prices have fallen 27.1% from the multiyear closing high of $76.41 per barrel on October 3. Oversupply concerns have led the decline in oil prices. Based on a Reuters report, OPEC members and non-OPEC oil producers might develop a plan to reduce their oil output by up to 1.4 MMbpd (million barrels per day) in 2019. In the oil market report on November 14, the International Energy Agency expects global oil demand growth to rise by 1.3 MMbpd and 1.4 MMbpd in 2018 and 2019, respectively. A production cut of that magnitude might limit oil’s fall.
General Electric stock (GE) gained ~8% yesterday after newly appointed CEO Larry Culp revealed his first major step to strengthen the company’s liquidity. The US industrial conglomerate (XLE) announced it had entered a series of agreements with Baker Hughes (BHGE) including a stake sale in Baker Hughes that would raise almost $4 billion for GE. According to the agreement, GE will maintain over a 50% interest in Baker Hughes after the stake sale.
The Dow and S&P 500 on Tuesday finished an up-and-down session lower, extending a rout that kicked off a day ago, after crude-oil prices registered their worst daily drop in more than three years. The sharp declines in oil have weighed on market sentiment, raising concerns about global economic growth, and dragged the energy sector lower. A popular gauge of energy, the Energy Select Sector SPDR ETF , finished down 2.4%. The S&P 500 index closed off 0.2% at 2,722, marking its fourth straight decline, with the energy and health-care sectors leading the day's losses. The Dow Jones Industrial Average ended 0.4% lower at 25,286, driven lower by a sharp decline in shares of Boeing Co. , after a report by the Wall Street Journal indicated problems with part of its fleet of jets. The Nasdaq Composite Index , meanwhile, ended Tuesday trading flat at 7,200. Meanwhile, West Texas Intermediate for December delivery settled 7.1% lower at $55.69 a barrel on the New York Mercantile Exchange, marking its sharpest one-day fall since September 2015, registering its 12 consecutive loss and deepening the commodities stunning slide into bear-market territory, defined as a drop of at least 20% from a recent peak.
On November 12, US crude oil December futures fell 0.4% and settled at $59.93 per barrel—the lowest closing level for active US crude oil futures since February 13. The Energy Select Sector SPDR ETF (XLE) fell 2.1% on November 12. The S&P 500 (SPY) and the Dow Jones Industrial Average (DIA) fell 2% and 2.3%, respectively. The fall in the broader market might have dragged energy stocks.
The 2016 election of a free-wheeling Republican businessman should have signaled great times for the U.S. oil patch, but that hasn't happened, even though crude oil hit a four-year high in September 2018. The oil equipment and services sector is leading the downside during the current malaise, with the VanEck Vectors Oil Services ETF ( OIH) now trading at a 15-year low. Blue chips are currently underperforming smaller companies in the oil equipment and services sub-sector, with Halliburton Company ( HAL) trading at a 2.5-year low while Schlumberger Limited ( SLB) probes an astounding nine-year low.