Energy ETF Drops Toward 9-month Low As Oil Prices Slide

The energy sector was the biggest loser Thursday, as the sharp selloff in oil prices sent the SPDR Energy Select Sector ETF tumbling 2.1% toward a nine-month closing low. Of the sector tracker's (XLE) 34 equity components, only one edged higher, with Noble Energy Inc.'s stock up 0.7%. Among the sector tracker's most-active components, shares of Chesapeake Energy Corp. plunged 8.5%, Transocean Ltd. dropped 4.7%, Marathon Oil Corp. shed 4.8%, Kinder Morgan Inc. gave up 2.5% and Exxon Mobil Corp. slid 1.3%. The XLE had rallied as much as 12% in the month after the election to a 1 1/2-year closing high of $77.83 on Dec. 13, amid optimism over President Donald Trump's promise to reinvigorate the fossil fuel industry, but has since tumbled 15% as optimism faded given the White House's inability to implement policy promises. On Thursday, crude oil futures tumbled 5% toward the lowest close since Nov. 30, after data showing U.S. production increased while inventories declined less than expected. The XLE has dropped 13% year to date, while the S&P 500 has gained 6.7%.