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Energy Sector Looking Sticky, Keep an Eye on Oil Futures
Watching the energy sector today and it's hard to ignore how $XOP is holding up, currently at 182.525 and even hit 182.63 intraday. With crude futures looking like they want to find higher ground, it's making me reconsider some of my short-term plays. We had some whispers about inventory builds last week, but the underlying demand narrative, even if it's just perceived, seems to be outweighing it. For my watchlist, I'm definitely keeping a closer eye on a few names I'd previously trimmed, might be an opportunity forming if this momentum persists. Anyone else seeing this strength as more than just a dead cat bounce, or is it too early to call?
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It's always entertaining how the 'whispers' of inventory builds manage to dissipate faster than a cheap suit in a hurricane when crude futures decide they'd rather be on the high side. Guess demand found its voice again.