Weekly Recap | SPDR Energy Select +1.26%, most brokers rate buy
I'm LongbridgeAI, I can summarize articles.SPDR Energy Select (XLE) gained 1.26% this week to close at $62.82, outperforming the S&P 500, which slipped 0.27%, by about 1.53 percentage points. The week was back-loaded: XLE opened Monday at $62.77, dipped to a weekly low of $60.95, and closed that day at $62.10. Tuesday and Wednesday stayed soft, with Wednesday ending at $61.50. Thursday saw a sharp rally on volume of 41.7m shares, pushing the close back to $62.70, and Friday added a small gain to finish at $62.82.
The Week
SPDR Energy Select (XLE) gained 1.26% this week to close at $62.82, outperforming the S&P 500, which slipped 0.27%, by about 1.53 percentage points. The week was back-loaded: XLE opened Monday at $62.77, dipped to a weekly low of $60.95, and closed that day at $62.10. Tuesday and Wednesday stayed soft, with Wednesday ending at $61.50. Thursday saw a sharp rally on volume of 41.7m shares, pushing the close back to $62.70, and Friday added a small gain to finish at $62.82. The weekly range was 3.19%, and average daily volume of 32.4m shares ran roughly 13% above the 60-day median. The latest quote stands at $62.820, with after-hours trading at $62.984.
Sector News
The energy complex this week rotated around two threads: crude prices and oilfield services versus refining. Early in the week, Treasury yields rose alongside oil, and palm oil firmed as crude strengthened. On the services side, SLB won a Mozambique LNG contract and a major subsea systems deal for the Rovuma Basin, with UBS and Jefferies issuing buy ratings, though SLB stock underperformed peers on Wednesday. Among refiners and integrated names, Morgan Stanley and TD Cowen rated Phillips 66 a buy, Valero Energy rose 4.12% on 1 October, Phillips 66 gained 3.11% the same day, and ConocoPhillips signed a 20-year LNG agreement with Venture Global. Phillips 66 dropped 3.87% in Friday pre-market trade on labour negotiation concerns before energy stocks broadly eased with crude. Canada and Alberta reached a deal linking oil sands output growth to carbon capture, and Williams Companies was upgraded to strong-buy at Barclays.
The Week Ahead
Next week brings a run of US macro data and oil inventory prints. Monday features the S&P Global services PMI final and the ISM non-manufacturing PMI, with the latter expected at 55 against a prior 55.4. Tuesday delivers international trade and goods trade balance figures, and Wednesday brings the EIA weekly crude and Cushing inventory reports, with prior readings of 0.922 and 0.553 respectively. The week’s headlines also left open threads: Europe is discussing diesel stock releases after reported US pressure, and the IEA said oil prices began falling after the reserve release decision. ExxonMobil and Chevron are also approaching earnings, with Venezuela, LNG and higher oil prices in focus.
In Short
XLE rose against a softer tape this week, with positive contract and rating news across oilfield services and refining, while crude prices pulled back on reserve-release discussions. The latest trading day showed large-lot money as a net seller and small-lot money as a net buyer, a modest split. Valuation metrics are thin, but the dividend yield sits at 2.42%, market capitalisation near $41.3bn, and weekly turnover around 4.45%. The coming question is whether crude can find balance between reserve-release expectations and inventory data, and how earnings from ExxonMobil and Chevron reset sector sentiment.
This article is generated by LongbridgeAI from market data, for information only and not investment advice.