SPDR Series Trust SPDR S&P Oil & Gas Equipment & Services ETF (ARCA: XES)

最新ニュース SPDR Series Trust SPDR S&P Oil & Gas Equipment & Services ETF (ARCA:XES)

SPDR Series Trust SPDR S&P Oil & Gas Equipment & Services ETF

Energy

Industrials

Utilities

In seeking to track the performance of the S&P Oil & Gas Equipment & Services Select Industry Index, the fund employs a sampling strategy. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index represents the oil and gas equipment and services segment of the S&P Total Market Index (S&P TMI).

Tidewater Inc

Technipfmc Plc

Transocean Ltd.

Valaris Plc

Liberty Oilfield Services, Inc.

Weatherford International PLC

Cactus Inc

Baker Hughes A Ge Co. Class A

Archrock, Inc.

Nov Inc

Patterson-Uti Energy Inc

Championx Corp

Schlumberger Nv.

Halliburton Co.

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Brent crude prices rose over the $65-per-barrel level on Monday before retreating slightly, supported by changing geopolitical currents and guarded optimism in the equity markets. The rally in Brent crude, triggered by renewed US-Iran diplomacy and a partial lull in trade war hostilities, brought <a href="https://www.benzinga.com/etfs">energy-themed ETFs</a> back into focus, despite lingering concerns about oversupply and weakening global demand.
Also Read: <a href="https://www.benzinga.com/news/guidance/25/04/44763712/bp-sees-mixed-q1-outlook-with-flat-oil-prices-weaker-gas-trading-ahead-of-earnings">BP Sees Mixed Q1 Outlook With Flat Oil Prices, Weaker Gas Trading Ahead Of Earnings</a>
Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)
The broadest energy equity benchmark in the U.S., XLE, <a href="https://www.benzinga.com/topic/oil">picked up steam as oil rose</a>. With heavyweights like ExxonMobil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) in its portfolio, the fund reflects crude benchmarks. Its exposure to oil majors with strong dividend yields also makes it a popular bet during periods of geopolitical realignment — such as the Oman negotiations that could remake Gulf oil diplomacy.
iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>)
IEO targets exploration and production companies — the most oil-price-sensitive sub-sector. The slight rebound in Brent, driven by the White House&#8217;s brief reprieve from tariffs on technology products and optimism for resumed Middle East diplomacy, has lent new life to small- and mid-cap E&amp;P stocks. ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) is one of its top holdings. However, the rally might be fleeting, with OPEC lowering its growth and lowering demand projections for oil consumption. Reuters reported that OPEC has lowered its world economic growth forecast this year to 3.0% from 3.1% and cut next year&#8217;s to 3.1% from 3.2%. 
SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>)
Oilfield service companies, like those held in XES, are often the last to reap the benefits of higher prices because of capital spending cycles. The shock OPEC+ cut to accelerate output recovery might trigger upstream activity, indirectly benefiting service providers like Tidewater Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDW#NYSE">TDW</a>) and Transocean Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>), one of this fund&#8217;s top holdings.
A Diplomatic Thaw
The weekend witnessed a thaw in US-Iran<a href="https://finance.yahoo.com/news/oil-steady-trump-tariff-reprieve-223603774.html"> relations as senior officials</a> from both countries held talks in Oman — the first senior-level meeting since 2022. While information is still limited, the tone of the conversation was said to be &#8220;constructive,&#8221; hinting at a possible blueprint to restart stalled talks on Tehran&#8217;s nuclear program. The two sides committed to another meeting, injecting new optimism into a region long influenced by volatility and oil market instability.
Though a long-term deal is far from certain, even the potential for diplomatic breakthrough has moderated concerns about supply disruptions in the Strait of Hormuz — a critical chokepoint for global oil flows. Meanwhile, it also raised questions about whether Iranian crude oil might return to the market in significant quantities, making an already tenuous supply-demand balance even more complicated.
The Bigger Picture
The oil price rally, though propelled by newsworthy catalysts such as tariff delays and diplomatic talks, is confronted with structural headwinds. Nevertheless, ETF investors seem to be content to ride the volatility, particularly with equities mounting a parallel rebound and safe-haven assets lagging.
Investors are now focusing keenly on rig count trends and Q2 CapEx releases to assess the real-world effect of the Brent bounce. According to recent data by the Energy Information Administration, Baker Hughes found that for the week ending April 1, the natural gas rig count dropped to 96 rigs from 103 rigs in the prior week. Typically, lower rigs mean tightened supply, which in turn means upward pressure on oil prices.
On the other hand, banks slashed their price forecasts, with JPMorgan Chase &amp; Co. now seeing Brent at $66 this year and Goldman Sachs expecting an average of $63, as the crude market continues to be poised to encounter substantial surpluses.
While the geopolitical board game is still unfolding, energy ETFs are an on-again, off-again — albeit volatile — strategy on oil&#8217;s journey through 2025. 
Read Next: 
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<li><a href="https://www.benzinga.com/etfs/currency-etfs/25/04/44778378/greenback-on-the-brink-the-dollar-etfs-everyones-watching">Greenback On The Brink: The Dollar ETFs Everyone&#8217;s Watching</a></li>
</ul>
Photo: Shutterstock

Sector ETFs

Commodities

ETFs

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

SPDR S&P Oil & Gas Equipment & Services ETF

US-Iran Talks Fuel Oil Rally: Here Are 3 Energy ETFs In The Radar

President Joe Biden intends to ban offshore drilling along most of the U.S. coast before <a href="https://www.benzinga.com/25/01/42813324/trumps-universal-tariff-plans-take-shape-analysts-expect-stronger-for-longer-greenback">leaving the White House</a>.
The Details: Biden <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2025/01/06/statement-from-president-joe-biden-on-protecting-americas-ocean-and-coasts-from-offshore-oil-and-gas-drilling/">said</a> Monday he will protect more than 625 million acres of the ocean from future offshore oil and gas drilling. This includes the Atlantic and Pacific coasts, the Gulf of Mexico and portions of the Bering Sea.
"My decision reflects what coastal communities, businesses, and beachgoers have known for a long time: that drilling off these coasts could cause irreversible damage to places we hold dear and is unnecessary to meet our nation's energy needs," Biden said in the statement.&nbsp;
Read More: <a href="https://www.benzinga.com/25/01/42768507/china-slaps-export-restrictions-on-dozens-of-us-companies-boeing-lockheed-martin-general-dynamics-raytheon-affected">China&#8217;s Export Crackdown Hits Boeing, Lockheed Martin And More&nbsp;</a>
Biden will use powers given under the 1953 Outer Continental Shelf Lands Act which allows the president to indefinitely withdraw unleased lands from the outer continental shelf.&nbsp; The withdrawal of the lands has no expiration date and President-elect Donald Trump will likely not be able to reverse the protections without an act of Congress.&nbsp;
Trump pledged to increase domestic energy and fossil fuel production during his campaign and Karoline Leavitt, a spokesperson for the Trump Vance transition team, took to social media to speak out against President Biden's decision.&nbsp;
"This is a disgraceful decision designed to exact political revenge on the American people who gave President Trump a mandate to increase drilling and lower gas prices. Rest assured, Joe Biden will fail, and we will drill, baby, drill," Leavitt posted on X.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is a disgraceful decision designed to exact political revenge on the American people who gave President Trump a mandate to increase drilling and lower gas prices. Rest assured, Joe Biden will fail, and we will drill, baby, drill. <a href="https://t.co/NvWx7oA2vU">https://t.co/NvWx7oA2vU</a>
&mdash; Karoline Leavitt (@karolineleavitt) <a href="https://twitter.com/karolineleavitt/status/1876228351028858932?ref_src=twsrc%5Etfw">January 6, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Why It Matters: Biden&#8217;s offshore drilling ban could have significant impacts on several companies in the oil and gas sector.
Companies with offshore operations include Transocean Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) and Noble Corp. plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NE#NYSE">NE</a>), which provide contract drilling services. 
Other names to watch in the oil industry include Halliburton Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) and Baker Hughes Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) which both have modest exposure to the offshore drilling industry. 
The Range Global Offshore Oil Services Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OFOS#NYSE">OFOS</a>) is focused specifically on offshore drilling services. The SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>) includes companies involved in oil and gas equipment and services. 
Read Next:
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<li><a href="https://www.benzinga.com/news/global/25/01/42777105/russian-natural-gas-delivery-to-europe-halted-us-listed-lng-stocks-gain-as-exports-set-to-increase-in-2025">Russian Natural Gas Delivery To Europe Halted: US-Listed LNG Stocks Gain As Exports Set To Increase In 2025&nbsp;</a></li>
</ul>
Image: Shutterstock

News

Politics

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Markets

OFOS

Biden Set To Ban Future Offshore Oil Drilling: 4 Stocks, 2 ETFs To Watch

Liberty Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LBRT#NYSE">LBRT</a>) shares are trading higher premarket on Monday. The company disclosed that the Board of Directors intends to appoint William Kimble as non-executive Chairman and <a href="https://www.benzinga.com/pressreleases/24/11/b42032584/liberty-energy-inc-comments-on-nomination-of-chris-wright-as-u-s-secretary-of-energy-and-announces" target="_blank" rel="noreferrer noopener">Ron Gusek as Chief Executive Officer</a>.
The move came after President-elect Donald J. Trump nominated Liberty&#8217;s Founder, Chairman, CEO, and Director, Chris Wright, for the position of U.S.<a target="_blank" href="https://www.benzinga.com/24/11/42024837/trump-taps-liberty-energy-ceo-chris-wright-for-energy-secretary" rel="noreferrer noopener"> Secretary of Energy</a>.
The new CFO appointment is subject to U.S. Senate confirmation, and Mr. Wright will remain in his current role at Liberty until confirmation is completed.
Wright added, &#8220;Succession planning has been a priority of the Board. Having worked closely with both Bill and Ron, Liberty will be in the safest of hands upon my departure. Ron has been a close partner to me for over two decades and possesses all the criteria to ensure Liberty continues leading the industry in technology innovation and service quality while delivering growth for our valued shareholders.&#8221;
Last week, Trump said that Wright will be a part of the National&nbsp;Energy Council that will be headed by Interior Secretary-designate&nbsp;Doug Burgum, who is currently the governor of North Dakota.
The council&#8217;s main objective will be to cut down regulations and increase <a target="_blank" href="https://www.benzinga.com//node/42024837" rel="noreferrer noopener">investments to boost oil and gas production.</a>
The nomination of Wright, a key player in the fracking industry, signals Trump&#8217;s commitment to boost oil and gas production. The move could potentially lead to increased drilling activities and a greater focus on fracking, despite the U.S. already setting oil production records.
Investors can gain exposure to the stock via&nbsp;SPDR Series Trust SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>) and Invesco S&amp;P SmallCap Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>).
Price Action: LBRT shares are up 2.96% at $17.40 premarket at the last check Monday.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41575181/crude-oil-faces-steepest-one-day-drop-in-over-two-years-energy-stocks-plunge-prices" target="_blank" rel="noreferrer noopener">Crude Oil Faces Steepest One-Day Drop In Over Two Years, Energy Stocks Plunge: Prices&#8217; Are Likely To Remain Under Pressure,&#8217; Analyst Says</a></li>
</ul>

Equities

Large Cap

Management

Movers

LBRT

PSCE

Liberty Energy Names New CEO As Chris Wright Prepares For US Energy Secretary Role

Transocean Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) shares are trading higher premarket Wednesday. On Tuesday, the company disclosed a 365-day contract for the Deepwater Atlas with BP p.l.c. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/g40803820/transocean-ltd-announces-232-million-ultra-deepwater-drillship-contract" rel="noreferrer noopener">in the U.S. Gulf of Mexico</a>.
The program is set to begin in the second quarter of 2028. The contract, including a 365-day option, is expected to add around $232 million to the backlog, excluding mobilization fees, with no additional services provided.
Last week, the company announced that a subsidiary has agreed to sell the Development Driller III and associated assets for $195 million and the Discoverer Inspiration<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40692941/why-is-transocean-stock-diving-on-tuesday" rel="noreferrer noopener"> and related assets for $147 million</a>.
The company stated that the total sale amount of $342 million will result in a non-cash charge of $630 million—$645 million in the third quarter due to asset impairment.
In July, the company reported an adjusted EPS of $(0.15), missing the estimate of $(0.10), and sales of $861 million, falling short&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/g40081414/transocean-ltd-reports-second-quarter-2024-results" rel="noreferrer noopener">of the $862.6 million estimate</a>.
As of July 2024, Transocean&#8217;s backlog stood at $8.64 billion.
Investors can gain exposure to the stock via&nbsp;Exchange Traded Concepts Trust Range Global Offshore Oil Services Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OFOS#NYSE">OFOS</a>) and&nbsp;SPDR Series Trust SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>).
Price Action: RIG shares are up 4.59% at $4.10 premarket at the last check Wednesday.
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</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Contracts

Transocean Pockets $232M Drillship Contract For Deepwater Atlas: Details

Transocean Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) shares are trading lower after the company entered asset sale deals and disclosed non-cash charges in the <a target="_blank" href="https://investor.deepwater.com/static-files/bc78387e-c4f9-43e7-9523-af43d4867342" rel="noreferrer noopener">third</a> quarter.
The company announced that a subsidiary has agreed to sell the Development Driller III and associated assets for $195 million and the Discoverer Inspiration and related assets for $147 million.
The company stated that the total sale amount of $342 million will result in a non-cash charge of $630 million—$645 million in the third quarter due to asset impairment.
Transocean plans to use the proceeds to repay existing debt mainly. The transactions, subject to customary conditions, are expected to close in the third quarter of 2024.
In July, the company reported an adjusted EPS of $(0.15), missing the estimate of $(0.10), and sales of $861 million, falling short <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/g40081414/transocean-ltd-reports-second-quarter-2024-results" rel="noreferrer noopener">of the $862.6 million estimate</a>.
As of June-end, the company&#8217;s long-term debt stood at $6.78 billion.
Investors can gain exposure to the stock via Exchange Traded Concepts Trust Range Global Offshore Oil Services Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OFOS#NYSE">OFOS</a>) and SPDR Series Trust SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>).
Price Action: RIG shares are down 9.8% at $4.275 at the last check Tuesday.
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<li><a href="https://www.benzinga.com//node/40690632" target="_blank" rel="noreferrer noopener">Eni Launches CO2 Capture Project In Italy: Details</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Mid Cap

Guidance

Asset Sales

Why Is Transocean Stock Diving On Tuesday?

Helmerich &amp; Payne, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HP#NYSE">HP</a>) shares are trading higher today. The company disclosed the acquisition of KCA Deutag <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39955853/helmerich-payne-announces-agreement-to-acquire-kca-deutag" rel="noreferrer noopener">for $1.9725 billion in cash</a>.
KCA Deutag is a drilling company with a land drilling presence in the Middle East. The acquisition grants Helmerich substantial entry into land operations in the region, where KCA Deutag earned about 70% of its 2023 Operating EBITDA.
The transaction is expected to close before the end of calendar year 2024, pending customary closing conditions.
Post-acquisition, Helmerich&#8217;s Middle East rig count will jump from 12 to 88, with 71 rigs in Saudi Arabia, Oman, and Kuwait, making it one of the region&#8217;s largest rig providers.
The Middle East rig market is projected to grow, and with KCA Deutag&#8217;s ~$5.5 billion contract backlog and strong customer base, H&amp;P will gain resilient revenues and improved earnings visibility.
Synergies: H&amp;P expects this transaction to grow its international land operations from ~1%&nbsp;on a standalone basis to ~19%&nbsp;on a pro forma basis based on calendar year 2023 Operating EBITDA, and also its offshore operations will rise from ~3% to ~7%.
The combined company&#8217;s last-twelve months Operating EBITDA stands at approximately $1.2 billion.
The transaction is anticipated to be immediately accretive to cash flow and free cash flow per share, with double-digit free cash flow accretion expected by 2025. Returns are projected to surpass the cost of capital by 2026.
Despite the minimal geographic overlap, Helmerich anticipates achieving ~$25 million in run-rate synergies by 2026, mainly from overhead <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">reductions and procurement savings</a>.
Post-closure, H&amp;P will have three main operating segments: North America Solutions, International Solutions, and Offshore Solutions, with North America Solutions remaining unchanged.
Yesterday, the company reported third-quarter adjusted EPS of&nbsp;$0.92, above the consensus of&nbsp;$0.77, and revenue&nbsp;of $698 million, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39943466/helmerich-payne-inc-announces-fiscal-third-quarter-results" rel="noreferrer noopener">beating the street view.</a>
As of June 30, the company&#8217;s cash and cash equivalent stood at $203.6 million.
Investors can gain exposure to the stock via Invesco S&amp;P SmallCap Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>) and SPDR Series Trust SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>).
Price Action: HP shares are up 10.4% at $41.70 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Helmerich & Payne Makes Big Bet on Middle East with ~$2B KCA Deutag Acquisition

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, are expected to extend their current production cuts this weekend, as per delegates and analysts.
What Happened: The OPEC+ alliance, which was scheduled to meet in person in Vienna on Jun. 1, has now moved the meeting to a virtual platform on Jun. 2. The group is currently implementing a combined 5.86 million barrels per day of supply cuts, with 2 million barrels per day set to expire at the end of this year, as per a CNBC <a href="https://www.cnbc.com/2024/05/31/oil-alliance-opec-could-extend-production-cuts-this-weekend.html?taid=66595f9eb890320001ff036f&amp;utm_campaign=trueanthem&amp;utm_medium=social&amp;utm_source=twitter%7Cmain">report</a> on Tuesday.
Market participants are closely watching whether the remaining 2.2 million barrels per day of cuts, which are in place until the end of the second quarter, will be extended. This is in light of projected demand increases, particularly in the summer months.
Three OPEC+ delegates, speaking on the condition of anonymity, told CNBC that the 2.2 million-barrels-per-day supply reductions are likely to be prolonged. The group is also monitoring individual members&#8217; quota compliance and has requested overproducers to implement additional cuts, with Iraq and Kazakhstan having detailed compensation plans.
The OPEC+ coalition&#8217;s decision to extend production cuts is influenced by the anticipated rise in summer demand, driven by factors such as the conclusion of China&#8217;s refinery maintenance and increasing U.S. consumption as summer approaches. 
"Come June, China would be largely out of refinery maintenance, U.S. consumption is improving as summer moves closer, so June should already see negative crude balances. And then August is the peak month for tightness," Viktor Katona, lead crude analyst at Kpler, said according to the report.
Investors interested in some of the most profitable oil ETFs on the market to determine if the oil sector aligns with their investment strategy might consider the following options: Vanguard Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VDE#NYSE">VDE</a>), VanEck Oil Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OIH#NYSE">OIH</a>), United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>), SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>), and ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>).
See Also: <a href="https://www.benzinga.com/news/24/05/39084577/elon-musk-mocks-steve-jobs-agrees-apple-could-be-light-years-ahead-of-competition-if-it-embraced-ope?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Mocks Steve Jobs, Agrees Apple Could Be &#8216;Light Years&#8217; Ahead Of Competition If It Embraced Open</a>
Why It Matters: Recent geopolitical events, such as the Israeli forces entering <a href="https://www.benzinga.com/markets/emerging-markets/24/05/39048961/all-eyes-on-rafah-as-israeli-forces-enter-safe-zones-spain-ireland-and-norway-officially">safe zones in Gaza</a>, have also added to the uncertainty in the oil market. The ongoing tensions in the Middle East have contributed to global inflation and energy security concerns, further influencing OPEC+&#8217;s decision-making.
Oil prices have remained range-bound in the first half of the year, with the potential for spikes due to developments in the Middle East. 
Rystad&#8217;s Jorge Leon noted that regional escalations could add a risk premium of up to $10 per barrel. OPEC+ delegates told CNBC that while the situation in the Gaza Strip still adds some pressure, the market has mostly absorbed its impact.
OPEC+ must also navigate its relationship with the U.S., which has criticized the coalition&#8217;s supply cuts over gasoline price concerns. Last week, the Biden administration announced the release of 1 million barrels of gasoline from reserves to lower pump prices. Similar measures were taken with the Strategic Petroleum Reserve during the COVID-19 pandemic. 
However, an OPEC+ delegate noted these actions are unlikely to have a long-term impact beyond summer price relief. The U.S. usually aims to replenish its emergency state reserves stockpile, according to the report.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/05/39063828/elon-musk-slams-joe-biden-says-president-cares-a-lot-more-about-whether-tesla-is-unionized-over-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Slams Joe Biden, Says President &#8216;Cares A Lot More About Whether Tesla Is Unionized&#8217; Over EV Maker&#8217;s Environmental Impact</a>
Image Via Shutterstock 
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Global

OPEC+ Likely To Extend Production Cuts Amid Rising Summer Demand: Report

U.S. Silica Holdings, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLCA#NYSE">SLCA</a>) shares are trading higher after the company inked a deal to be acquired by funds managed by&nbsp;affiliates&nbsp;of&nbsp;Apollo Global Management, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>)<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38455715/u-s-silica-enters-into-definitive-agreement-to-be-acquired-by-apollo-funds-for-1-85-billion" rel="noreferrer noopener">&nbsp;for around&nbsp;$1.85 billion.</a>
M&amp;A Deal: As per the deal, U.S. Silica shareholders will receive&nbsp;$15.50&nbsp;per share in cash for each share they own,&nbsp;representing an 18.7% premium to its closing share price as of&nbsp;$13.06&nbsp;on&nbsp;April 25 and a 33.0% premium to 90-day volume-weighted average share price for the period ended&nbsp;April 25.&nbsp;
The transaction&nbsp;is expected&nbsp;to close in the third quarter of 2024, subject to customary closing conditions. The agreement includes a 45-day &#8220;go-shop&#8221; period&nbsp;that will expire&nbsp;on&nbsp;June 10.
Post deal&nbsp;completion,&nbsp;the company will no longer be listed&nbsp;on the New York Stock&nbsp;Exchange,&nbsp;and will become a private company.&nbsp;
Bryan Shinn, Chief Executive Officer, said, &#8220;By partnering with Apollo Funds, we gain significant resources, deep industry expertise and enhanced flexibility as a private company to pursue the many market opportunities in front of us and invest in innovative capabilities that enable value-added offerings for customers.&#8221;
Earnings: Also, the company reported first-quarter FY24 results, with adjusted EPS of&nbsp;$0.20, in line with the consensus, and sales&nbsp;of $325.9 million&nbsp;missed&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38455740/u-s-silica-holdings-inc-reports-first-quarter-2024-results" rel="noreferrer noopener">the consensus of $336.6 million</a>.
Total tons sold declined 17% Y/Y to&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">4.092 million in the quarter</a>.&nbsp;
Operating cash flow stood at $40.9 million, and capital expenditures&nbsp;came in at&nbsp;$12.4 million in the quarter.&nbsp;
As of March-end, the company had cash and cash equivalents of $234.5 million and total debt of $809.5 million.
Shinn added, &#8220;In our Oil &amp; Gas segment, volumes were up 5% sequentially, although our margins&nbsp;were impacted&nbsp;by slightly lower pricing, driven&nbsp;in part&nbsp;by lower natural gas prices.&#8221;
Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P SmallCap Energy ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>) and&nbsp;SPDR Series Trust SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>).
Price Action: SLCA shares are up 20.2% at $15.70 at the last check Friday.
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Why Industrial Minerals Company U.S. Silica Shares Are Rocketing Today

Treasury Secretary Janet Yellen reportedly said the surprise <a href="https://www.benzinga.com/news/23/04/31625206/oil-prices-surge-over-5-in-asia-trade-following-surprise-opec-production-cut-these-etfs-could-draw-i">OPEC+ oil production cut</a> is an &#8220;unconstructive act&#8221; that will add uncertainty to the global growth outlook and burden consumers when inflation remains high.
What Happened: &#8220;I think it&#8217;s a regrettable action that OPEC decided to take,&#8221; Yellen told reporters, according to a Reuters report. She also said it was too early to assess what the price impact would be.
Also Read: <a href="https://www.benzinga.com/best-penny-stocks">Best Penny Stocks</a>
Yellen pointed out that a decline in gasoline prices from last year&#8217;s peaks <a href="https://www.benzinga.com/news/23/03/31607473/feds-preferred-inflation-measure-comes-in-cooler-than-expected-as-banking-crisis-complicates-powells">had helped rein in inflation</a> and it would be detrimental if the trend were reversed, according to the report. 
&#8220;Clearly, it&#8217;s not a positive for global growth,&#8221; she said. &#8220;And it adds to uncertainty and burdens at a time when inflation is already high&#8221;.
Price Action: Oil prices soared on Monday after the OPEC+ trimmed oil production by 1.16 million barrels per day beginning May, in a surprise move.
West Texas Intermediate (WTI) futures expiring in May were trading higher by 0.5% at $80.82 per barrel during Tuesday morning Asian trade while Brent futures expiring in June were trading 0.47% higher at $85.33 per barrel at the time of writing.
The United States Oil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) had closed 5.76% higher on Monday while the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) ended 4.53% higher. Other ETFs that recorded gains include Vanguard Energy Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VDE#NYSE">VDE</a>), SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>) and Invesco S&amp;P SmallCap Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>).
Price Cap: Asked about the impact the production cut would have on the $60 per barrel price cap imposed by Western governments on Russian crude, Yellen said she did not see any significant impact on the <a href="https://www.benzinga.com/news/22/10/29428985/bidens-team-said-to-be-reworking-russian-oil-price-cap-plan-on-mounting-skepticism-few-commitments">appropriate level of the price cap.</a>
&#8220;I see it as working,&#8221; Yellen stated about the price cap, while also noting that it has led to steep discounts on Russian oil and increased bargaining power for purchasers. The <a href="https://www.benzinga.com/government/23/03/31596550/janet-yellen-urges-additional-banking-sector-reforms-to-ensure-financial-stability">Treasury Secretary also said</a> she does not see revisiting the price cap as appropriate at this time.
Read Next: <a href="https://www.benzinga.com/economics/macro-economic-events/23/04/31647942/el-erian-says-he-couldnt-remember-a-time-when-markets-were-so-dismissive-of-feds-">El-Erian Says He Couldn&#8217;t Remember A Time When Markets Were &#8216;So Dismissive&#8217; Of Fed&#8217;s Forward Guidance</a>

Macro Economic Events

Economics

Yellen Says OPEC+ Production Cut 'Unconstructive' And 'Burdens At A Time When Inflation Is Already High'

Oil prices soared during Monday morning in Asian trade after The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, trimmed <a href="https://www.benzinga.com/news/23/04/31624195/opec-just-announced-oil-output-cuts-in-a-surprise-move-heres-how-it-could-really-affect-you">oil production by 1.16 million barrels per day beginning May, in a surprising move.</a>
What Happened: Saudi Arabia will voluntarily cut output by 500,000 bpd from May until the end of 2023. The voluntary cuts begin from May and last until the end of the year. The pledges bring the total volume of reductions by OPEC+ to 3.66 million bpd, which is equal to 3.7% of global demand, according to Reuters calculations.
Also Read: <a href="https://www.benzinga.com/money/best-oil-etfs">Best Oil ETFs</a>
West Texas Intermediate (WTI) futures expiring in May rose 5.3% to trade at $79.67 per barrel while Brent futures expiring in June soared 5.18% to trade at $84.03 per barrel at the time of writing.
The United States Oil ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) had closed 1.71% higher on Friday while the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) had ended 0.69% higher last week, ahead of the announcement. Other ETFs that are expected to gain attention in the wake of the development include Vanguard Energy Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VDE#NYSE">VDE</a>), SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>) and Invesco S&amp;P SmallCap Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>).
Expert Take: Giacomo Romeo, an equity analyst with Jefferies, <a href="https://www.bloomberg.com/news/articles/2023-04-02/oil-surges-after-opec-makes-unexpected-crude-production-cut?srnd=premium-asia">told</a> Bloomberg that the new cut, if fully implemented by the group, should allow material inventory draws already in second quarter. That's ahead of the third quarter, as previously expected, he said.
In October 2022, OPEC+ had decided on an output cut of two million barrels per day from November till the end of the year, a move that had angered Washington.
Read Next: <a href="https://www.benzinga.com/news/23/04/31625115/tesla-meta-wwe-mcdonalds-ford-why-these-5-stocks-are-drawing-investors-attention-today">Tesla, Meta, WWE, McDonald&#8217;s, Ford: Why These 5 Stocks Are Drawing Investors&#8217; Attention Today</a>

Oil Prices Surge Over 5% In Asia Trade Following Surprise OPEC+ Production Cut: These ETFs Could Draw Interest

Visibility into a broadening global capex upcyle has increased, prompting Morgan Stanley to upgrade its&nbsp;industry view on the oilfield services sector from In-line to Attractive.
<h3>The Analyst</h3>
Analyst <a href="https://www.tipranks.com/analysts/connor-lynagh">Connor Lynagh</a> initiated coverage of 14 oilfield services stocks with the following ratings and price targets:&nbsp;
<h3>Diversified Services</h3>
<ul>
<li>Baker Hughes A GE Co (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bhge#NYSE">BHGE</a>): Overweight/$40</li>
<li>Halliburton Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hal#NYSE">HAL</a>): Overweight/$50</li>
<li>Schlumberger Limited. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/slb#NYSE">SLB</a>): Equal-weight/$72</li>
<li>Weatherford International plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wft#NYSE">WFT</a>): Equal-weight/$4</li>
</ul>
<h3>Small-Cap Services</h3>
<ul>
<li>Core Laboratories N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/clb#NYSE">CLB</a>): Equal-weight/$125</li>
<li>Covia Holdings Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvia#NYSE">CVIA</a>): Equal-weight/$11</li>
</ul>
<h3>Capital Equipment</h3>
<ul>
<li>Cactus Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/whd#NYSE">WHD</a>): Overweight/$42</li>
<li>Forum Energy Technologies Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fet#NYSE">FET</a>): Equal-weight/$13</li>
<li>National-Oilwell Varco, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nov#NYSE">NOV</a>): Equal-weight/$50</li>
<li>Oil States International, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ois#NYSE">OIS</a>): Equal-weight/$35</li>
<li>Dril-Quip, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/drq#NYSE">DRQ</a>): Underweight/$50</li>
<li>
<h3>Offshore Drillers</h3>
</li>
<li>Transocean LTD (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rig#NYSE">RIG</a>): Overweight/$15</li>
<li>Diamond Offshore Drilling Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/do#NYSE">DO</a>): Underweight/$15</li>
<li>Noble Corporation PLC (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ne#NYSE">NE</a>): Underweight/$6</li>
</ul>
<h3>The Thesis</h3>
A coordinated global increase in upstream capex in 2020 is likely, potentially marking the first year of material positive growth since 2013, Lynagh said in a Tuesday note. (See his track record <a href="https://www.tipranks.com/analysts/connor-lynagh">here</a>.)&nbsp;
The analyst said he expects multiple expansion across the <a href="https://www.forbes.com/sites/bryceerickson1/2018/08/27/oilfield-service-valuations-missing-the-party-or-just-fashionably-late/#5ecae9eb2653"> oilfield services space</a>&nbsp;as upstream operators around the globe increase their budgets in 2019 and 2020.
Lynagh recommends balanced exposure to major service verticals, citing the potential for long-term growth across most markets.
Among the group, the analyst sees the most favorable risk-reward in diversified services and land drillers&nbsp;and less favorable risk-reward in capital equipment. The risk-reward in small-cap services and offshore drillers fall somewhere in between, Lynagh said.&nbsp;
<h3>Positive On Gas-, LNG-Oriented Equipment Companies</h3>
Morgan Stanley recommends <a href="https://www.benzinga.com/analyst-ratings/analyst-color/17/08/10003113/barclays-bullish-on-the-new-baker-hughes-initiates-at-o"> Baker Hughes </a> due to its distinctive gas- and LNG-oriented equipment offering, as gas and LNG development is likely to see higher growth globally than had been anticipated, with China specifically seeing significant demand growth.&nbsp;
The sell-side firm acknowledged near-term risk in North America&nbsp;and is below the consensus expectations for 2018 for all heavily exposed names. That said, Lynagh said the valuation of Halliburton is compelling.
After the slackness in 2019, Lynagh expects U.S. capex to rebound in 2020. Ahead of a mid-to-late-2019 utilization trough, the analyst said he expects North America-levered stocks to rally.
<h3>Nabors, Transocean Among Top Small-Cap Picks</h3>
Morgan Stanley said it likes <a href="https://www.benzinga.com/analyst-ratings/upgrades/18/09/12376505/benzingas-top-upgrades-downgrades-for-september-19-2018"> Transocean&#39;s </a> near-term cash flow resiliency stemming from a &quot;best-in-class&quot; contract book, complemented by &quot;significant bull case upside.&quot;
Nabors Industries Ltd. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nbr#NYSE">NBR</a>)&#39;s strong position in the U.S. and international onshore drilling markets gives it broad leverage to the cyclical recovery, Lynagh said.&nbsp;
<h3>The Price Action</h3>
The iShares Dow Jones US Oil Equip. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/iez#NYSE">IEZ</a>) was up 1.06 percent at $35.19 at the close Wednesday.&nbsp;
The SPDR S&amp;P Oil &amp; Gas Equipt &amp; Servs. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xes#NYSE">XES</a>) was up 1.36 percent at $16.38.&nbsp;
Related Links:
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/18/05/11686613/bofa-upgrades-halliburton-on-forecast-of-ongoing-rise-i">BofA Upgrades Halliburton On Forecast Of Ongoing Rise In Oil Prices </a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/17/07/9677664/which-oil-service-stocks-are-most-correlated-to-the-pric">Which Oil Service Stocks Are Most Correlated To The Price Of Oil? </a>

Analyst Color

Price Target

Initiation

Analyst Ratings

BHGE

CVIA

iShares Dow Jones US Oil Equipment & Services Index Fund

Morgan Stanley: Multiple Expansion Across Oilfield Services Sector Likely Amid Broadening Global Capex Upcycle

The rebound in energy-related stocks continues to gain steam as many oil and gas equipment services companies recently touched four-month highs.

	After bottoming in March, the United States Oil Fund LP (ETF) (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) has gained more than 28 percent and challenged many bearish predictions that crude oil prices would continue their unabated slide. USO tracks the daily spot price of West Texas intermediate light sweet crude oil futures and is the most heavily traded oil-related ETF on a daily basis.
<h3>Highlight On Market Vectors Oil Services</h3>
	The strength in this liquid commodity has transformed the beaten down Market Vectors Oil Services ETF (NYSE: <a class="ticker" href="/stock/oih#NYSE">OIH</a>) into a powerhouse industry during the month of April. OIH is dedicated to 25 of the largest U.S.-listed oil services companies and has $1.3 billion in total assets.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/15/05/5463624/heres-the-best-and-worst-hedged-oil-e-ps-beyond-2015">Here's The Best And Worst Hedged Oil E&amp;Ps Beyond 2015</a></bzrelatedlink>
	This ETF has gained 16 percent in the month of April and over 22 percent from the March low that coincided with oil prices. Despite fresh volatility in the broad market, OIH has continued to key in on the momentum in crude oil and recently hit new year-to-date highs.
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	Some of the top holdings in OIH include: Schlumberger Limited. (NYSE: <a class="ticker" href="/stock/slb#NYSE">SLB</a>), Halliburton Company (NYSE: <a class="ticker" href="/stock/hal#NYSE">HAL</a>) and Baker Hughes Incorporated (NYSE: <a class="ticker" href="/stock/bhi#NYSE">BHI</a>). These companies are generally involved in supportive equipment and services to large oil refinery and integrated oil stocks.

	Investors have begun to take notice of the recent strength in OIH as well. So far this year, over $300 million in new assets have flooded into this exchange-traded fund as an obvious bet on a turnaround from the pernicious declines it experienced last year.
<h3>Sector Peers</h3>
Other ETFs that have also benefitted from this strength include the iShares Dow Jones US Oil Equip. (ETF) (NYSE: <a class="ticker" href="/stock/iez#NYSE">IEZ</a>) and SPDR S&amp;P Oil &amp; Gas Equipt &amp; Servs. (ETF) (NYSE: <a class="ticker" href="/stock/xes#NYSE">XES</a>).
Both of these funds track a broader subset of nearly 50 stocks, yet with distinct differences in asset allocation. IEZ tracks a market capitalization weighted index, while XES is a modified equal weighted group of stocks.

	The one area of concern in the oil and gas space has been the continued declines in the United States Natural Gas Fund, LP (NYSE: <a class="ticker" href="/stock/ung#NYSE">UNG</a>). A turnaround in natural gas prices and further strength in crude may ultimately help boost the share prices of these stocks even further.
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Image Credit: <a href="http://pixabay.com/en/pumpjack-texas-oil-rig-pump-591934/">Public Domain</a>

Trading Ideas

Oil Services ETFs Soar To 4-Month Highs

To say the energy space has been volatile this year may be a colossal understatement. Crude oil, natural gas and energy-related stocks have experienced wild swings in both directions that include setting new 52-week lows.&nbsp;

	This choppy price action has led to speculative trading and overwhelming indecision about the direction of the market. Nevertheless, <a href="http://www.benzinga.com/topic/crude-oil">crude oil</a> appears to be challenging its naysayers by pressing to new one-month highs this week.
<h3>United States Oil Fund LP ETF</h3>
	The United States Oil Fund LP (ETF) (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) is the most well-known and widely traded ETF that tracks the daily price movement of West Texas Intermediate Crude Oil futures. After hitting a low in mid-March, USO has been steadily gaining momentum, despite weekly energy stockpile gains that would traditionally hamper prices.
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<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/15/04/5389185/goldman-sachs-be-prepared-for-the-next-phase-of-the-oil-">Goldman Sachs: Be Prepared For The Next Phase Of The Oil Slump</a></bzrelatedlink>
	The U.S. Energy Information Administration also recently released its <a href="http://news.forexlive.com/!/eia-lowers-oil-production-forecast-hikes-demand-estimate-20150407">monthly forecast,</a> which included a projected increase in 2015 and 2016 global demand.

	Since March 17, USO has gained nearly 20 percent and has now crested back above its 50-day moving average in the most convincing move of the year. In addition, this ETF has gained more than $1.7 billion in new assets so far in 2015.

	Not surprisingly, volume on USO has surged to an average of 34 million shares over the last three months. That represents a significant increase in daily trading activity year-over-year.
<h3>Energy Select SEctor SPDR ETF</h3>
	The recent move higher in crude prices has also buoyed the 41 large, integrated oil companies that are represented by the Energy Select Sector SPDR (ETF) (NYSE: <a class="ticker" href="/stock/xle#NYSE">XLE</a>). The mega-cap Exxon Mobil Corporation (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>) and Chevron Corporation (NYSE: <a class="ticker" href="/stock/cvx#NYSE">CVX</a>) account for just over 28 percent of the total asset allocation within XLE.

	This ETF has managed to keep a steadier pace with less volatility than crude oil futures and is now trading in positive territory for the year.
<h3>SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF</h3>
	One industry ETF that could certainly use a boost is the SPDR S&amp;P Oil &amp; Gas Equipt &amp; Servs. (ETF) (NYSE: <a class="ticker" href="/stock/xes#NYSE">XES</a>). This fund tracks 47 smaller energy stocks engaged in complementary services to larger oil companies.

	XES has declined more than 50 percent over the last year, yet has begun to retrace some of those losses in recent weeks. Continued bullish price action for oil would likely act as a tailwind for many of the beaten-down companies within the energy sector that are more susceptible to these cyclical forces.
&nbsp; 
Image Credit: <a href="http://pixabay.com/en/refinery-industry-oil-rig-gas-fuel-514028/">Public Domain</a>

Oil ETFs: Sector's Slick Slope Might Be Ending

The price of light sweet crude has been falling for two months after topping out in early September.

	The conflict in Syria and tensions in the Middle East were heightened in September and the price of oil reflected the seriousness of the situation. Since that time Syria has been removed from the headlines and most recently Iran has been open to nuclear negotiations.

	The price of oil has fallen from $108/barrel to as low as $93 last week. During this time the United States Oil Fund (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) pulled back 15 percent from the yearly high. A subset of energy ETFs that have been able to avoid the selling focus on the equipment and service stocks.

	SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE: <a class="ticker" href="/stock/xes#NYSE">XES</a>)

	The ETF is trading at the best level since July 2008 and is up 31 percent this year. The basket of 49 stocks is a mixture of equipment &amp; service companies as well as drilling stocks. A benefit of this ETF is that it offers investors a true diversification within the sector as the top holding only makes up 2.9 percent of the portfolio.

	Related: <a href="http://www.benzinga.com/etfs/sector-etfs/13/11/4066770/etf-outlook-for-the-week-of-november-11-2013-eem-iat-dia-uga">ETF Outlook for the Week of November 11</a>

	The top holding is a Geospace Technologies (NASDAQ: <a class="ticker" href="/stock/geos#NASDAQ">GEOS</a>), is a small cap stock that has not had a great year but has rallied the last few months as the price of oil has fallen. The top ten holdings only make up 26 percent of the ETF, highlighting the diversification of the ETF. The annual expense ratio is 0.35 percent and the fund has a small dividend yield of 0.71 percent.

	iShares Dow Jones U.S. Oil Equipment &amp; Services Index ETF (NYSE: <a class="ticker" href="/stock/iez#NYSE">IEZ</a>)

	Sitting at the best level since July 2011 is IEZ, which is slightly beating XES this year with a gain of 33 percent. While the two ETFs appear to be interchangeable, they are far from it. The top two holdings in IEZ make up 32 percent of the ETF with Schlumberger Ltd (NYSE: <a class="ticker" href="/stock/slb#NYSE">SLB</a>) making up 21 percent of the allocation.

	A 36 percent gain for SLB and a 60 percent gain for the second largest holding, Halliburton (NYSE: <a class="ticker" href="/stock/hal#NYSE">HAL</a>) have paced IEZ in 2013. The problem with having one-third of an ETF in two stocks is that it will live and die by the performance of the two stocks versus the entire sector. The lack of diversification is an issue investors need to be aware of. The annual expense ratio is 0.45 percent and it pays a dividend of 0.51 percent.

	If the price of oil turns around after the two-month sell-off it should only boost the performance of both XES and IEZ. Higher oil prices will result in larger bottom lines for the oil and gas producers and created a higher demand for equipment and services. An increased global demand for oil and gas will also be a catalyst for the continued outperformance of the two ETFs.

	When it comes down to deciding which ETF of the two is best for a portfolio the number one factor should be the top holdings. If an investor is not comfortable with having one-third of the portfolio in two stocks, then the clear choice is XES. Over time being diversified will lower risk and give an investor a better entry into the entire sector.

GEOS

Top Performing Energy ETFs (XES, IEZ, GEOS, SLB, HAL)

The S&amp;P 500 was able to close out last week with a one-point loss even though the government shutdown continued into the weekend.

	It appears investors believe the politicians will come to an agreement sooner rather than later or they have turned their attention to earnings season that is about to begin this week. It is guaranteed that big earnings announcements will be released this week, however an end to the government shutdown does not look as promising.

	Charting the S&amp;P 500

	From a technical perspective, the S&amp;P 500 is looking bullish heading into the new week. The index has been able to hold above the 50-day moving average for the last few days after a three percent pullback from the most recent all-time high. The index closed last week at 1690, above the 50-day moving average of 1680 and price support at 1677.

	<img alt="" src="/files/images/2013/October/07/mccall_1_2013-10-06_at_10.07.14_pm.png" />

	While the longer-term chart of the S&amp;P 500 is promising, the extremely short-term is raising red flags. When the S&amp;P 500 futures began trading on Sunday they immediately began to fall in value. The chart below shows the selling that occurred and is an indication that investors are beginning to worry about the government shutdown.

	<img alt="" src="/files/images/2013/October/07/mccall_2_2013-10-06_at_8.15.34_pm.png" />

	Earnings

	This week marks the official start of the third quarter earnings season with Alcoa (NYSE: <a class="ticker" href="/stock/aa#NYSE">AA</a>) kicking things off on Tuesday after the closing bell. Over the next few weeks a large portion of the S&amp;P 500 components will report earnings that will add to the volatility of the overall stock market. The beauty of ETFs is that the diversification they offer removes any company-specific risk, such as earnings four times per year.

	Investors that are searching for an ETF that focuses on earnings could look at the WisdomTree Earnings 500 Index ETF (NYSE: <a class="ticker" href="/stock/eps#NYSE">EPS</a>). The ETF tracks an earnings-weighted index of the largest 500 companies in the U.S. Most indices will base their holdings on market capitalization, but with EPS it puts a larger importance on past earnings. In 2013, EPS is slightly beating the return of the S&amp;P 500 by 60 basis points.

	Washington, DC

	Even though earnings are the number one factor behind investors putting money into the market over the long-term, this week the driver of stocks will be Washington, DC. Until the government shutdown is over and the debt ceiling is figured out, the day-to-day action in stocks will be driven by the news out of DC.

	This adds another wrinkle to the investment decision of investors and could lead to frustration and emotional decisions. The key will be to look at the market over the long-term and attempt to ignore the rhetoric coming out of the politicians.

	A few of the ETFs that could be affected by the situation in Washington, DC include the PowerShares DB US Dollar Index Bullish ETF (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>), the SPDR Gold ETF (NYSE: <a class="ticker" href="/stock/gld#NYSE">GLD</a>), and theiShares Dow Jones U.S. Aerospace &amp; Defense Index ETF (NYSE: <a class="ticker" href="/stock/ita#NYSE">ITA</a>).

	New Bull Market in Spain

	A country that many investors left for dead has risen out of the ashes and has moved into bull market territory. The iShares MSCI Spain ETF (NYSE: <a class="ticker" href="/stock/ewp#NYSE">EWP</a>) is up 30 percent since the early July low and is trading at the best level in nearly two years.

	The Fed is not the only game in town, the European Central Bank (ECB) has also said they will do whatever it takes to keep to preserve the Euro. This has led to the beaten down Western European countries leading the way in 2013.

	The outperformance by EWP has been driven by its heavy exposure to the Spanish banks. Investors that would like focus solely on the European banks have an ETF to achieve just that. The iShares MSCI Europe Financials ETF (NYSE: <a class="ticker" href="/stock/eufn#NYSE">EUFN</a>) is up 17.6 percent in 2013 and is lagging the S&amp;P 500, however the upside potential is much higher. The ETF is heavily weighted in the U.K. (33 percent) and has 10 percent in Spanish banks.

	ETF Chart of the Week – XES

	With the S&amp;P 500 trading off the 2013 high, there are several ETFs showing relative strength and moving higher in spite of the government shutdown. The SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE: <a class="ticker" href="/stock/xes#NYSE">XES</a>) closed at the best level in two years on Friday.

	The price of oil is well off the yearly high and the large-cap energy stocks have underperformed. That is what makes the relative strength of XES even more impressive. The key in the coming weeks will be a confirmation of the breakout with several closes above the $43.00 level.

	<img alt="" src="/files/images/2013/October/07/mccall_3.png" />

Broad U.S. Equity ETFs

Specialty ETFs

iShares MSCI Europe Financials Sector Index Fund

EUFN

iShares Dow Jones US Aerospace & Defense Index Fund

PowerShares DB US Dollar Index Bullish Fund

ETF Outlook for the Week of October 7

Following a disappointing 2012, energy ETFs have rebounded nicely in 2012. Noteworthy is the fact that the renaissance seen in this corner of the ETF universe has not <a href="http://www.benzinga.com/news/earnings/13/01/3285513/as-energy-earnings-heat-up-so-is-this-etf">been confined to the usual suspects</a> such as the Energy Select SPDR (NYSE: <a class="ticker" href="/stock/xle#NYSE">XLE</a>).

Thanks in large part to the ongoing North American shale boom, oil services providers have been posting robust <a href="http://www.foxbusiness.com/news/2013/02/01/national-oilwell-varco-4th-quarter-net-rises-16-on-distribution-growth/">earnings and impressive order backlog data</a>. For example, National Oilwell Varco's (NYSE: <a class="ticker" href="/stock/nov#NYSE">NOV</a>) order backlog for its rig-technology business was $11.86 billion at the end of the fourth quarter. Cameron International (NYSE: <a class="ticker" href="/stock/cam#NYSE">CAM</a>) had an order backlog of $8.6 billion at the end of last year, a figure greater than its revenue for the year.

Statistics like that have been good news for oil services ETFs, but investors might be surprised to learn which of those funds has emerged as the leader in recent months. It is not the Market Vectors Oil Services ETF (NYSE: <a class="ticker" href="/stock/oih#NYSE">OIH</a>), the largest oil services ETF. Nor is it the iShares Dow Jones U.S. Oil Equipment &amp; Services Index Fund (NYSE: <a class="ticker" href="/stock/iez#NYSE">IEZ</a>), though both funds have performed well in the past 90 days.

Rather, the new leader among oil services ETFs is the less heralded SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE: <a class="ticker" href="/stock/xes#NYSE">XES</a>). The SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF is by no means small with nearly $308 million in assets under management <a href="https://www.spdrs.com/product/fund.seam?ticker=XES">as of January 31</a>. With average daily volume of just over 111,000 shares, XES is more heavily traded on a pure volume basis than IEZ, though both pale in comparison to OIH's average turnover of 3.5 million shares.

Superficial statistics aside, there is no denying that when factoring in Friday's gains, XES is up about 17.1 percent in the past three months. That is well ahead of the 14.7 percent offered by IEZ and the 12.8 percent returned by OIH.

XES's recently bullish ways do serve as a reminder of <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/01/3249669/apples-slide-highlights-advantages-of-equal-weight-etfs">. While XES does not advertise itself as an equal-weight fund, essentially that is what the ETF is. XES is home to 47 stocks with none receiving a weight larger than 2.86 percent.

Conversely, OIH and IEZ are highly dependent on three stocks to drive their returns to those ETFs. Schlumberger (NYSE: </a><a class="ticker" href="/stock/slb#NYSE">SLB</a>), Halliburton (NYSE: <a class="ticker" href="/stock/hal#NYSE">HAL</a>) and National Oilwell Varco. Those stocks combine for a third of IEZ's weight and 39.5 percent of OIH's weight. In XES, that trio represents just 7.7 percent of the fund's total weight.

By virtue of spreading its weight around more evenly, XES offers more exposure to mid- and small-cap names. The weighted average market value of XES constituents is $9.45 billion, <a href="https://www.spdrs.com/product/fund.seam?ticker=XES">according to State Street data</a>. By comparison, the average market value of IEZ's holdings <a href="http://us.ishares.com/content/stream.jsp?url=/content/en_us/repository/resource/fact_sheet/iez.pdf&amp;mimeType=application/pdf">was $25.44 billion at the end of the fourth quarter</a>.

XES offers another advantage. By shying away from large weights to oil services behemoths, the ETF could benefit from increased mergers and acquisitions activity in this sub-sector. Schlumberger and National Oilwell Varco are two of the more acquisitive companies in the group and XES is home to several firms that have been previously mentioned as takeover targets, including Dresser-Rand (NYSE: <a class="ticker" href="/stock/drc#NYSE">DRC</a>), Dril-Quip (NYSE: <a class="ticker" href="/stock/drq#NYSE">DRQ</a>) and McDermott International (NYSE: <a class="ticker" href="/stock/mdr#NYSE">MDR</a>). 

Potential takeovers should not be the only reason to consider XES, but the fund's out-performance of its peers is a valid issue to evaluate the ETF.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

Long Ideas

Short Ideas

Rumors

Futures

After-Hours Center

Surprising ETF Leading Resurgent Oil Services Sector

Broadly speaking, it has been a rough year for oil services stocks, a high-beta group that often shows an intimate correlation to crude futures. The U.S. rig count has fallen from 2,000 in December 2011 to the current level of about 1,800 due in large part to plunging natural gas prices. 

However, there might be reason to be optimistic about the prospects for the oil services group, particularly as the Gulf of Mexico "is staging a comeback," S&amp;P Capital points out in a new research note. 

"It is in the deepwater that we are seeing an ongoing resurgence and recovery," said S&amp;P Capital IQ in the note. "At the time of the Macondo oil spill in April 2010, there were 33 actively working rigs in the deepwater. Then came the moratorium on drilling (May 2010 - October 2010), followed by a prolonged malaise, aka the 'permitorium', during which
it was theoretically possible to get a drilling permit but unrealistic to get one in short order. The industry responded by either terminating rig contracts, or agreeing to lower standby day rates while the regulatory process evolved."

Offshore services providers count on deepwater drilling activity as a significant driver of revenue and profits because day rates for those rigs are far higher than for land-based rigs. Earlier this year, ultra-deepwater day rates touched <a href="http://fuelfix.com/blog/2012/03/26/deepwater-rig-day-rates-top-600k/">a record high of $600,000</a>.

S&amp;P said fundamentals are starting to improve and that there are currently 39 deepwater rigs active in the Gulf.

"We estimate that 22 new deepwater rigs will roll off the delivery line in 2013, and of those, seven are already under contract and destined to go to work in the U.S. Gulf. We estimate that the U.S. Gulf deepwater rig count will reach a record high by year end 2013, perhaps in the 45-50 range, as those seven units begin to go to work," according to the research firm.

In the note, the firm placed four-star ratings on Atwood Oceanics (NYSE: <a class="ticker" href="/stock/atw#NYSE">ATW</a>), Noble (NYSE: <a class="ticker" href="/stock/ne#NYSE">NE</a>) and Ensco (NYSE: <a class="ticker" href="/stock/esv#NYSE">ESV</a>). Among oil services ETFs, S&amp;P rates the SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE: <a class="ticker" href="/stock/xes#NYSE">XES</a>) Marketweight.

XES, which has $273.6 million in assets under management, uses an almost equal-weight approach. While rival oil services ETFs are heavily to just a couple of stocks such as Schlumberger (NYSE: <a class="ticker" href="/stock/slb#NYSE">SLB</a>) and Halliburton (NYSE: <a class="ticker" href="/stock/hal#NYSE">HAL</a>), no holding in XES receives a weight of more than 3.06 percent. Among the aforementioned stocks, Ensco is a top-10 holding in XES while Atwood and Noble are found further down the ETF's roster. Schlumberger and Halliburton combine for just 5.1 percent of the ETF's weight. 

Year-to-date XES is off 2.8 percent, a performance that puts the fund almost inline with the rival iShares Dow Jones U.S. Oil Equipment &amp; Services Index Fund (NYSE: <a class="ticker" href="/stock/iez#NYSE">IEZ</a>). The Market Vector Oil Services ETF (NYSE: <a class="ticker" href="/stock/oih#NYSE">OIH</a>), the largest oil services fund by assets, is modestly higher on the year. Sclumberger and Halliburton combine for over 31 percent of OIH's weight and over 28 percent of IEZ's weight.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

Intraday Update

S&P Likes 1 ETF For Gulf Drilling Rebound

Here is the ETF Professor's ETF Watch List for Friday October 19, 2012.

Obvious plays: PowerShares QQQ (NASDAQ: <a class="ticker" href="/stock/qqq#NASDAQ">QQQ</a>) and the First Trust Dow Jones Internet Index Fund (NYSE: <a class="ticker" href="/stock/fdn#NYSE">FDN</a>).

Stay defensive with the Health Care Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlv#NYSE">XLV</a>).

The SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE: <a class="ticker" href="/stock/xes#NYSE">XES</a>) is worth a look.

Emerging markets plays of the day: iShares MSCI Thailand Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/thd#NYSE">THD</a>), iShares MSCI Mexico Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/eww#NYSE">EWW</a>) and the Global X FTSE Colombia 20 ETF (NYSE: <a class="ticker" href="/stock/gxg#NYSE">GXG</a>).

Forex play of the day: ProShares UltraShort Yen (NYSE: <a class="ticker" href="/stock/ycs#NYSE">YCS</a>).

Bond play of the day: Vanguard Total Bond Market ETF (NYSE: <a class="ticker" href="/stock/bnd#NYSE">BND</a>).

New ETFs

Emerging Market ETFs

Currency ETFs

Pre-Market Outlook

First Trust Dow Jones Internet Index Fund

iShares MSCI Thailand Investable Market Index Fund

ETFs to Watch October 19, 2012 (QQQ, XES, YCS)

Financial Advisors

First Trust ISE-Revere Natural Gas Index Fund

Market Vectors ETF Trust Market Vectors Gold Miners

Market Vectors RVE Hard Assets Producers ETF

iShares S&P GSSI Natural Resources Sector Index Fund

iShares Trust S&P Global Energy Sector Index Fund

iShares Dow Jones US Energy Sector Index Fund

PowerShares ETF Trust Dynamic Energy Exploration & Production Port

PowerShares Dynamic Energy Sector Portfolio

Rydex ETF Trust Rydex S&P Equal Weight Energy ETF

iShares S&P Global Timber & Forestry Index Fund

WOOD

Top 10 Commodity Producers ETFs

Last month, we evaluated <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/05/2594582/4-high-pe-etfs-ibb-igv-pnqi">several ETFs that are chock full of high P/E stocks or funds that have high P/E/ themselves</a>. At the time, we noted that since various fund sponsors employ different methodologies when coming up with an ETF's P/E ratio and that calculating a large fund's weighted P/E can be a cumbersome task, an ETF's P/E ratio isn't always as instructive as an individual stock's.

Well, sometimes it can be. The current market environment isn't conducive to owning stocks or ETFs with rich valuations and that much has been proven by the performance of the high P/E funds we recently profiled. All are down in the past month, with the SPDR S&amp;P Semiconductor ETF (NYSE: <a class="ticker" href="/stock/xsd#NYSE">XSD</a>) leading the way with an 8.4% tumble.

Given that level of success with using the P/E ratio to find ETFs that might be vulnerable to declines, we're now flipping the script and looking for funds that appear cheap and could prove to worth a look for prescient investors.

SPDR S&amp;P Small Cap Emerging Asia Pacific ETF (NYSE: <a class="ticker" href="/stock/gmfs#NYSE">GMFS</a>)
The SPDR S&amp;P Small Cap Emerging Asia Pacific ETF has garnered <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/03/2449562/five-asia-pacific-etfs-your-broker-forgot-to-mention-gmf-ephe">only minimal attention since its January debut</a> and in a market where emerging markets equities and small caps have been repudiated, it's easy to see why the fund now sports a compelling valuation.

GMFS has tumbled 10% in the past month and now trades for less than 10 times the forecasted fiscal year EPS of its constituents. That implies GMFS, which is home to 495 stocks, is far cheaper than the large-cap focused iShares MSCI Emerging Markets Index Fund (NYSE: <a class="ticker" href="/stock/eem#NYSE">EEM</a>) and the Vanguard MSCI Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>). Taiwan, China and India combine for over 75% of GMFS' country weight.

SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE: <a class="ticker" href="/stock/xes#NYSE">XES</a>)
Highly correlated to the price of crude, it's no surprise that the SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF and rival funds such as the Market Vectors Oil Services ETF (NYSE: <a class="ticker" href="/stock/oih#NYSE">OIH</a>) and the iShares Dow Jones U.S. Oil Equipment &amp; Services Index Fund (NYSE: <a class="ticker" href="/stock/iez#NYSE">IEZ</a>) have been decked in the past month as West Texas Intermediate futures have fallen about 20%.

To its credit, XES has been the best performer of that trio since early May and one reason for that might be the ETF's more even distribution among its holdings. IEZ and OIH are heavily allocated to Schlumberger (NYSE: <a class="ticker" href="/stock/slb#NYSE">SLB</a>), National Oilwell Varco (NYSE: <a class="ticker" href="/stock/nov#NYSE">NOV</a>) and Halliburton (NYSE: <a class="ticker" href="/stock/hal#NYSE">HAL</a>). Regarding XES, no stock receives a weight north of 3.22%. As for valuation, XES has a P/E of 10.47, barely more than half that of IEZ.

EGShares Low Volatility Emerging Markets Dividend ETF (NYSE: <a class="ticker" href="/stock/hilo#NYSE">HILO</a>)
Unheralded HILO is deserving of a place at the top of any <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/03/2408820/4-em-dividend-etfs-your-broker-forgot-to-mention-hilo-ediv-de"> list pertaining to emerging markets dividends ETF</a>. An index yield of 6.44% says as much.

Here's what's interesting to note about HILO right now: No, it has not been the best performer in the past month, losing 11%. However, that's better than what the iShares Brazil Index Fund (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>) and the iShares FTSE China 25 Index Fund (NYSE: <a class="ticker" href="/stock/fxi#NYSE">FXI</a>) have offered and HILO's current P/E of just over 9 is cheaper than the FXI, EWZ and the iShares MSCI South Africa Index Fund (NYSE: <a class="ticker" href="/stock/eza#NYSE">EZA</a>). Those three countries account for about 48% of HILO's weight.

Market Vectors Russia ETF (NYSE: <a class="ticker" href="/stock/rsx#NYSE">RSX</a>)
In some ways, the Market Vectors Russia ETF embodies the problems of all the funds mentioned here. That is to say the largest and oldest Russia ETF on the market has been slammed not only because it's an emerging markets ETF, but also because it's a commodities ETF. Russia is the largest non-OPEC oil producer and oil is the biggest contributor to the government's coffers. 

There's no getting around the fact that the returns offered by RSX and its rivals have been putrid in the past month. There's also no getting around the fact that <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/06/2638125/bearish-options-bets-dwindling-on-russia-etf-rsx-erus">that there are some signs bears are lightening up on RSX and that Russian equities are now cheap</a>. That's cheap relative to the other BRICS and the emerging markets universe at large.

For more on ETFs and P/E ratios, please click <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/05/2594582/4-high-pe-etfs-ibb-igv-pnqi">HERE</a>.

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