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| Commodity-Focused Hedge Fund Indices Exhibit Mixed Results | |
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Week of June 26: Macro Factors Weigh Down Energy Sector Energy sector hedge fund indices
As evident from the below table, funds employing macro and long/short commodity strategies have fared better than funds employing a pure long-only strategy. Commodities in general have not been overly directional as an asset class, contributing to the mixed results shown below.
Despite crack spreads being at three-year highs, a recent article on our website mentioned that the benchmark US Gulf Coast 3:2:1 crack spread fell ~13% to $16.65 per barrel in the week ended June 19, from $19.23 per barrel on June 12. Crack spreads represent the price difference between refiners’ revenues (achieved through the sale of finished refined products) and refiner costs (the price of crude oil).
The wider the crack spread, the more profitable it is for refiners such as Valero Energy (VLO), Phillips 66 (PSX), Marathon Petroleum (MPC), and Tesoro (TSO). All these companies are components of the iShares Global Energy ETF (IYE) and together make up ~7% of the ETF. All of these companies have spun off some of their midstream assets to form MLPs or midstream companies such as Valero Energy Partners (VLP) and Tesoro Logistics (TLLP).
XOP outperforms peers
As evident from the above table, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) was the best performer last week in terms of year-to-date returns, while peers, including the Energy Select Sector SPDR Fund (XLE) and the iShares US Energy ETF (IYE), posted YTD (year-to-date) losses. Passively managed energy ETFs mostly underperformed benchmarks such as the S&P GSCI Energy Index and the S&P 500 Oil-Hedged Index.
Leaders and laggards in XLE’s holdings
The coal & consumable fuels subsector was the worst-performing subsector in the XLE last week, while the oil & gas storage and transportation led the pack in terms of trailing weekly returns. The coal & consumable fuels subsector comprises of Consol Energy (CNX), which has a weight of 0.69% in the XLE, while the storage & transportation subsector contains the likes of Kinder Morgan (KMI) and Williams Companies (WMB) with weights of 4.63% and 3.05%, respectively, in the XLE.
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Consol Energy Inc.
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PRODUCTEUR |
CODE : CNX |
ISIN : US20854P1093 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Consol Energy est une société de production minière basée aux Etats-Unis D'Amerique. Consol Energy est productrice de charbon en USA, et détient divers projets d'exploration en USA. Son principal projet en production est BUCHANAN en USA. Consol Energy est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 5,4 milliards US$ (5,0 milliards €). La valeur de son action a atteint son plus haut niveau récent le 06 juin 2008 à 99,79 US$, et son plus bas niveau récent le 26 avril 2019 à 10,00 US$. Consol Energy possède 223 758 284 actions en circulation. |