Oil Prices Hit $80, Sparking 5-Week Winning Streak: 5 Must-Watch Oil ETFs To Ride The Wave
Portfolio Pulse from Piero Cingari
Crude oil prices have hit $80 per barrel, marking a five-week winning streak, the longest in over a year and a half. This surge is attributed to supply reduction efforts by Saudi Arabia and Russia, and increased demand due to Chinese economic revival efforts and the U.S.'s commitment to refill its Strategic Petroleum Reserve. Five oil-linked ETFs are recommended for investors to ride this wave: United States Oil Fund (USO), Energy Select Sector SPDR Fund (XLE), VanEck Oil Services ETF (OIH), Proshares Ultra Bloomberg Crude Oil (UCO), and Direxion Daily S&P Oil & Gas Exp. & Prod. Bull X2 Shares (GUSH).
July 28, 2023 | 8:22 pm
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POSITIVE IMPACT
The Direxion Daily S&P Oil & Gas Exp. & Prod. Bull X2 Shares ETF (GUSH) is leveraged at twice the daily return of the S&P Oil & Gas Exploration & Production Select Industry Index. The recent surge in oil prices could positively impact this ETF.
GUSH is leveraged at twice the daily return of the S&P Oil & Gas Exploration & Production Select Industry Index. As oil prices surge, this ETF is likely to see positive impacts.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The VanEck Oil Services ETF (OIH) targets oil services companies. The recent rise in oil prices could positively impact this ETF.
OIH targets oil services companies. As oil prices rise, this ETF is likely to see positive impacts.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Proshares Ultra Bloomberg Crude Oil (UCO) is a leveraged ETF that tracks the Bloomberg WTI Crude Oil Subindex. The recent surge in oil prices could positively impact this ETF.
UCO tracks the Bloomberg WTI Crude Oil Subindex. As oil prices surge, this ETF is likely to see positive impacts.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The United States Oil Fund ETF (USO) tracks the price movements of WTI crude oil. The recent surge in oil prices could positively impact this ETF.
USO directly tracks the price movements of WTI crude oil. As oil prices surge, this ETF is likely to see positive impacts.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The Energy Select Sector SPDR Fund ETF (XLE) replicates the performance of the energy sector in the S&P 500 Index. The recent rise in oil prices could positively impact this ETF.
XLE replicates the performance of the energy sector in the S&P 500 Index. As oil prices rise, this ETF is likely to see positive impacts.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100