Energy

Energy just fell 4% in a week—this may be the biggest area of weakness

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Talk about losing energy.

Now the only S&P 500 sector in the red for 2019, energy has had a difficult week, falling more than 4% as soft economic data reignited fears around slowing global growth and the impact of intercontinental trade disputes. The Energy Select Sector SPDR Fund (XLE), which tracks the space, was practically flat Friday despite an uptick in oil prices.

There’s one major factor impeding energy’s gains, says Steve Chiavarone, vice president and portfolio manager at Federated Investors.

Oil prices spiked after a coordinated attack on Saudi Arabia’s oil supply last month temporarily took down half of the kingdom’s production capacity. But production is reportedly being…



Source cnbc.com

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