Energy

Trader on when sector could recover

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Energy stocks are showing rare strength this week as oil rallies.

The XLE energy ETF is up 4% over the past two days, though remains down nearly 50% this year. The sector is easily the worst performer in 2020.

Todd Gordon, founder of TradingAnalysis.com, said the group could slowly be turning a corner as the economic situation during the coronavirus pandemic recovers.

“XLE has been underperforming the S&P since 2015, a chronic underperformer [but] we’re starting to see the fundamentals improve,” Gordon told CNBC’s “Trading Nation” on Monday. “Jet fuel represents about a third of the refined product that comes from a barrel of oil so as air travel returns, these stocks should eventually…



Source cnbc.com

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