Energy

Oil and gas ETF paces for best quarter ever, but traders stay cautious

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Oil and gas stocks are defying the odds.

The SPDR S&P Oil and Gas Exploration and Production ETF (XOP) is having its best quarter on record, up over 102% since April 1 despite concerns about oversupply. That’s more than triple its second-biggest gain from June 2008, when it ran nearly 31%.

Some traders aren’t buying the recent run, however.

“Energy is still the most beaten-up sector in the S&P long term,” Todd Gordon, managing director at Ascent Wealth Partners, said Tuesday on CNBC’s “Trading Nation.”

The S&P 500 energy sector has fallen 23% year to date while the broader index is now down less than 1%. The XOP, which slid more than 7% on Tuesday, is down almost 30% for 2020.

“Is there a…



Source cnbc.com

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