XLE is trading 3.05% down today as crude prices retreat from recent highs after Saudi Arabia offered additional cargoes and an unexpectedly large U.S. crude-inventory build eased immediate supply concerns.
- The Federal Reserve raised rates 25 basis points to 3.75%-4.00%.
- Stronger August retail sales, elevated Treasury yields, and a firmer dollar are reinforcing risk-off pressure and reducing expected energy demand.
- Profit-taking is weighing across energy stocks.