Shares of exchange-traded funds focused on energy were surging Monday after a large group of oil producers known as OPEC+ surprised markets with a planned cut in crude production.
On Sunday, OPEC+ member countries including Saudi Arabia announced plans to cut more than 1 million barrels of oil production a day through the end of the year beginning in May. Saudi Arabia will lead the reduction with a cut of 500 thousand barrels per day. The red dots in the chart below indicate the days the Energy Select Sector SPDR Fund, which tracks an index of U.S. energy companies in the S&P 500, “gapped up” more than 3% while “the S&P 500 was basically flat or down at the open,” according to the note.
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