Energy ETF turns lower after inventory data

The largest exchange-traded fund to track the energy sector fell on Wednesday, turning negative after crude inventories showed a bigger-than-expected increase in supplies in the latest week. The Energy Select Sector SPDR ETF lost 0.4%, turning lower in the aftermath of the data. The fund had previously risen as much as 0.9% on the day. The move lower tracked a decline in crude-oil prices. U.S. crude-oil futures lost 1.3%, as did Brent future, the international oil benchmark. Both had also been in positive territory prior to the U.S. Energy Information Administration’s data. In the data, domestic crude supplies rose by 3 million barrels for the week ended Feb. 23. Analysts surveyed by S&P Global Platts had forecast a climb of 2.1 million barrels. Rising supply, along with falling demand, is a primary driver behind weakness in oil prices. Among specific stocks, Marathon Oil Corp. was down 1.5% while Halliburton Co. was off 0.8%. The Dow Jones Industrial Average fell 0.2% while the S&P 500 was off 0.1% and the Nasdaq Composite Index was down less than 0.1%.

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