Dernières nouvelles pour iShares Global Energy ETF (ARCA:IXC)

iShares Global Energy ETF

Energy

The Fund seeks to track the investment results of the S&P Global 1200 Energy 4.5/22.5/45 Capped Index (the Underlying Index), which is designed to measure the performance of global equities in the energy sector. The Underlying Index is a subset of the S&P Global 1200, which is designed to measure the performance of large-capitalization stocks from major global markets, as determined by S&P Dow Jones Indices LLC (the Index Provider or SPDJI).

Exxon Mobil Corp.

Chevron Corp.

Shell PLC

TotalEnergies SE

Conocophillips Co

Enbridge Inc - Common

Eog Resources Inc

Schlumberger Nv.

Williams Cos. Inc.

Oneok Inc.

BP Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>) will reopen its office in Tripoli by late 2025 as part of a renewed push to resume operations in Libya, the company confirmed following the signing of a <a target="_blank" href="https://noc.ly/en/bp-reopens-office-in-libya-and-shell-explores-cooperation-in-oil-field-development/" rel="noreferrer noopener">memorandum of understanding</a> with the country's National Oil Corporation (NOC).
The agreement, signed Tuesday in London, sets the stage for BP to assess new exploration and production opportunities in key Libyan fields. NOC Chairman Masoud Suleman welcomed the company's return and called for expanded collaboration in workforce training and development within Libya's oil sector.
The memorandum outlines BP's plan to conduct technical studies evaluating the potential for hydrocarbon development in the Messla and Sarir oil fields and adjacent exploration zones. These efforts are seen as a signal of BP's intention to deepen its operational footprint in the North African nation after years of suspended activities due to conflict and instability.
Also Read: <a target="_blank" href="https://www.benzinga.com/m-a/25/06/46112992/shell-squashes-bp-takeover-rumors-hits-six-month-ban" rel="noreferrer noopener">Shell Squashes BP Takeover Rumors, Hits Six-Month Ban</a>
In a separate meeting, the NOC reached an agreement with Shell Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) for the company to evaluate hydrocarbon prospects and conduct a comprehensive technical and economic feasibility study to develop the al-Atshan field and other fields fully owned by the NOC, excluding any areas where third parties, other than the NOC and Shell, have rights. Shell's initiative complements Libya's broader strategy to boost output and revitalize its energy sector through foreign partnerships.
At the signing event, Suleman emphasized the importance of building technical and leadership capacity within Libya's oil industry and thanked joint technical teams for their work in finalizing the agreements. The NOC hopes the re-engagement of international players will spur sustainable growth and enhance Libya's economic stability.
Related ETFs include Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and iShares Global Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IXC#NYSE">IXC</a>).
Price Action: SHEL shares are trading higher by 0.56% to $70.21, and BP was up 1.09% at $30.58 premarket at last check Tuesday.
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News

SHEL

BP And Shell See New Opportunities In Libya's Oil Fields

Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) on Monday released its <a target="_blank" href="https://www.benzinga.com/pressreleases/25/07/g46267878/shell-second-quarter-2025-update-note" rel="noreferrer noopener">updated financial outlook</a> for the second quarter of 2025, ahead of its scheduled July 31 earnings report. The guidance outlines expected performance across major business segments, including gas production, marketing, chemicals, and renewables.
Output from integrated gas operations is projected to be between 900,000 and 940,000 barrels of oil equivalent per day, compared to 927,000 barrels of oil equivalent per day in the first quarter. LNG liquefaction volumes are estimated to be between 6.4 and 6.8 million metric tons, versus 6.6 million metric tons in the first quarter.
Upstream production is set to decline to a range of 1.66 million to 1.76 million barrels per day, down from 1.855 million in the first quarter,&nbsp;following scheduled maintenance and the completed sale of assets in Nigeria.
Also Read: <a target="_blank" href="https://www.benzinga.com/m-a/25/06/46112992/shell-squashes-bp-takeover-rumors-hits-six-month-ban" rel="noreferrer noopener">Shell Squashes BP Takeover Rumors, Hits Six-Month Ban</a>
Shell anticipates stronger adjusted earnings in its marketing division compared to the first quarter, supported by projected sales volumes between 2.6 million and 3 million barrels per day. However, trading and optimization activity is expected to drop sharply across several segments, signaling a broader weakness in market conditions.
While Shell expects improved margins in its refining and chemicals businesses, $8.9 per barrel (from $6.2) for refining and $166 per metric ton (from $126) for chemicals, the company said adjusted earnings from the Chemicals and Products segment will likely fall below breakeven.
Refinery utilization is forecast at 92–96% (up from 85%), while chemicals utilization is set to fall to 68–72% (from 81%) due to maintenance at the Monaca facility. Operating expenses are expected to be between $1.7 billion and $2.1 billion.
Renewables and Energy Solutions could report an earnings loss of up to $400 million or a gain of up to $200 million. Shell attributes the wide range to continued weakness in trading activity. Meanwhile, its corporate unit is projected to post an adjusted loss between $400 million and $600 million.
At the group level, Shell expects to pay between $2.8 billion and $3.6 billion in taxes for the quarter. Derivative movements could swing from a $1 billion loss to a $3 billion gain. Working capital is expected to vary significantly, ranging from a $1 billion outflow to a $4 billion inflow, contributing to uncertainty around overall cash flow from operations.
Shell&#8217;s full earnings report for the second quarter is due July 31.
Related ETFs: Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), iShares Global Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IXC#NYSE">IXC</a>).
Price Action: SHEL shares are trading lower by 2.88% to $69.85 premarket at last check Monday.
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Large Cap

Guidance

Shell Sees Lower Production, Softer Trading In Q2

Baker Hughes Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) announced Wednesday that it <a href="https://www.benzinga.com/pressreleases/25/06/g45879330/baker-hughes-receives-award-from-equinor-to-industrialize-offshore-plug-abandonment-operations-in-" target="_blank" rel="noreferrer noopener">has been selected</a> by Equinor ASA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQNR#NYSE">EQNR</a>) to lead a plug and abandonment (P&amp;A) project in the Oseberg East field on Norway&#8217;s continental shelf. 
The initiative marks the first assignment under a multi-year framework agreement between the two energy companies for integrated well services.
As part of the agreement, Baker Hughes will utilize its Mature Assets Solutions portfolio to manage the planning and execution of plug and abandonment operations. 
Also Read: <a href="https://www.benzinga.com/m-a/25/06/45724879/cactus-takes-majority-stake-in-baker-hughes-spc-for-global-reach" target="_blank" rel="noreferrer noopener">Cactus Takes Majority Stake In Baker Hughes&#8217; SPC For Global Reach</a>
The integrated approach aims to reduce costs and enhance efficiency through advanced technology and centralized expertise.
Amerino Gatti, executive vice president of Oilfield Services &amp; Equipment at Baker Hughes, said the company is fully prepared to manage each stage of the P&amp;A process. &#8220;Through collaboration, technology, and integration, we&#8217;ll help Equinor achieve its well abandonment goals in a cost-effective and optimized way,&#8221; he said.
Preparations are already underway, with execution set to begin in 2026. Baker Hughes will also open a P&amp;A Center of Excellence in Bergen and Stavanger to coordinate operations and streamline technical oversight across the North Sea.
The company&#8217;s toolkit for well abandonment includes proprietary technologies such as PRIME Powered Mechanical Applications, CICM (Casing Integrity &amp; Cement Mapping), the MASTODON&#x2122; casing retrieval system, and the Xtreme SJI mechanical slotting tool &#8211; designed to enable safe, efficient well closures while limiting environmental impact.
Separately, Baker Hughes recently <a target="_blank" href="https://www.benzinga.com/m-a/25/06/45840278/baker-hughes-sells-sensors-unit-to-crane-company-for-1-15-billion" rel="noreferrer noopener">sold</a> its sensors unit to Crane Company for $1.15 billion, part of a broader strategy to sharpen its focus on core operations.
Energy ETFs with exposure to Baker Hughes and Equinor include the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and the iShares Global Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IXC#NYSE">IXC</a>), which may reflect developments in the global energy infrastructure landscape.
Price Action: BKR shares were trading lower by 0.08% to 39.05, and EQNR was up 1.33% to $25.56 at last check Wednesday.
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EQNR

Equinor Taps Baker Hughes For Multi-Year Plug And Abandonment Deal In North Sea

ExxonMobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) said on Wednesday it has entered exclusive <a href="https://corporate.exxonmobil.com/locations/european-region/european-newsroom/2025/exxonmobil-france-holding-has-entered-into-exclusive-negotiations" target="_blank" rel="noreferrer noopener">negotiations to sell</a> its controlling interest in Esso SAF to North Atlantic France SAS, signaling a significant realignment of its business in France.
The deal would transfer ExxonMobil&#8217;s 82.89% stake in the company and is expected to close by the end of 2025.
The proposed transaction also includes ExxonMobil&#8217;s holdings in ExxonMobil Chemical France SAS. The sale price, set at 149.19 euros per share before distributions, is subject to various adjustments related to cash balances, oil inventory value, and interest accruals. Esso SAF may issue up to 63.36 euros per share in pre-sale distributions, further enhancing shareholder returns.
A put option agreement gives North Atlantic the right to acquire the stake pending regulatory clearance and financing. Under the same terms, a mandatory tender offer for the remaining shares is anticipated in early 2026.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/commodities/25/04/44903411/trumps-2025-energy-policy-a-resurgence-of-fossil-fuel" rel="noreferrer noopener">Trump&#8217;s 2025 Energy Policy: A Resurgence Of Fossil Fuel</a>
While ExxonMobil plans to divest its equity interest, it will continue supplying crude and licensing the Esso brand under long-term agreements with Esso SAF. Retail operations in France, including about 750 branded sites, are expected to remain active.
The deal ensures job security for roughly 1,350 French employees, including those already affected by a prior redundancy plan. North Atlantic expressed commitment to strengthening Gravenchon&#8217;s role as a core energy hub in France.
Both companies presented the deal as part of a broader strategic shift; ExxonMobil continues to streamline its global footprint, while North Atlantic seeks to expand its energy presence across the Atlantic.
In early May, ExxonMobil <a target="_blank" href="https://www.benzinga.com/news/contracts/25/05/45284262/exxon-mobil-says-deal-with-japans-marubeni-to-boost-jobs-global-energy-supply" rel="noreferrer noopener">announced</a> a deal with Marubeni to supply 250,000 tonnes of low-carbon ammonia annually from its upcoming Baytown, Texas facility. Marubeni will also take a stake in the project, which aims to support Japan&#8217;s decarbonization using U.S.-produced hydrogen with 98% CO₂ capture.
Related ETFs: Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), iShares Global Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IXC#NYSE">IXC</a>)
Price Action: XOM shares are trading lower by 0.31% to $103.19 at last check Wednesday.
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Eurozone

Asset Sales

ExxonMobil To Sell Key French Assets To North Atlantic France

The United States Oil Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uso#NYSE">USO</a>) is down almost 62% this year. Oil is so volatile that in the span of a few days earlier this month, it notched its worst one-day decline in three decades and its best ever intra-day gain.
The commodity is struggling as Saudi Arabia and Russia flood the market with unneeded supply, forcing prices lower and forcing the energy sector into a familiar spot as the worst-performing group in the S&amp;P 500.
And with Occidental Petroleum&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/oxy#NYSE">OXY</a>) recent 86% dividend cut, investors are becoming <a href="https://www.etftrends.com/tactical-allocation-channel/a-very-bold-idea-among-energy-etfs/">increasingly concerned</a> about the ability of some oil companies to continue delivering dividends. That&#39;s a relevant consideration with the S&amp;P 500 Energy Index yielding an astounding 9.67%.
However, some analysts believe integrated oil companies can maintain payouts, perhaps even off modest growth, if other cost-cutting measures are implemented. With that in mind, here are a few energy ETFs that aren&#39;t heavily allocated to likely dividend cutters.
<h2>Energy Select Sector SPDR (XLE)</h2>
The Energy Select Sector SPDR (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xle#NYSE">XLE</a>) allocates almost 49% of its weight to Dow components Exxon Mobil (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xom#NYSE">XOM</a>) and Chevron (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvx#NYSE">CVX</a>). The former saw its credit rating downgraded by S&amp;P last week and on Monday, the ratings agency <a href="https://seekingalpha.com/news/3554498-chevron-outlook-cut-to-negative-s-and-p">lowered its outlook</a> on Chevron to &ldquo;negative.&rdquo;
Both companies have lengthy dividend increase streaks going and are likely to be loathe to cut those payouts. Some analysts seem to agree that integrated oil dividends are fairly safe at the moment.
&ldquo;The spike in dividend yields to all-time highs suggests the market believes a dividend cut for many companies is likely,&rdquo; <a href="https://www.morningstar.com/articles/973634/integrated-oils-yields-are-spiking-are-dividends-safe">said Morningstar in a recent note</a>. &ldquo;We disagree and think dividends are largely safe, thanks to an ability to increase debt in the near term. Furthermore, companies are likely to slow or stop dividend growth, reduce capital expenditures, sell assets, and if necessary, restore the scrip option to save cash.&rdquo;
<h2>iShares Global Energy ETF (IXC)</h2>
The iShares Global Energy ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ixc#NYSE">IXC</a>) allocates about quarter of its weight to Exxon and Chevron, so it&#39;s not out of the negative dividend news quite yet, but the fund got some relief Monday when Royal Dutch Shell (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rds-a#NYSE">RDS-A</a>) and Total (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tot#NYSE">TOT</a>) said they&#39;ll lower costs <a href="https://www.barrons.com/articles/total-royal-dutch-shell-cut-costs-keep-dividends-51584975763?refsec=sector-focus">rather than cut payouts</a>.
IXC, which has a trailing 12-month yield approaching 9%, may be worth considering because many of the European oil majors, such as Shell and Total, have lower drilling costs than their American rivals, which can add some level of dividend safety in this rough oil market.
<h2>Fidelity MSCI Energy Index ETF (FENY)</h2>
For long-term investors, the Fidelity MSCI Energy Index ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/feny#NYSE">FENY</a>) is a name to consider because with its annual fee of 0.084%, or $8.40 per $10,000 invested, it&#39;s the least expensive energy ETF on the market.
Like the aforementioned XLE, FENY is a domestic energy fund and the Fidelity ETF allocates 40% of its combined weight to Exxon and Chevron.
&ldquo;While we think the probability of a dividend cut is relatively low, it does vary by company, with those with more leverage and higher break-even prices at greater risk,&rdquo; said Morningstar. &ldquo;Current futures prices for 2020 and 2021 are below what we estimate break-even levels to be for the integrated oils, implying that each company will be unable to fully cover its dividend with free cash flow at current levels.&rdquo;
FENY yields 9.19%.

Long Ideas

Sector ETFs

Dividends

Commodities

Markets

Trading Ideas

ETFs

FENY

RDS-A

3 Energy ETFs With Relatively Safe Dividends

Crude prices have been seesawing this year, rising&nbsp;<a href="https://www.cnbc.com/2017/11/10/crudes-rally-could-be-poised-to-test-60-dollars-per-barrel.html?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&amp;par=yahoo&amp;doc=104835667&amp;yptr=yahoo">35%</a> from its 2017 low to touch the highest level in more than two years only to see a steep slide on Nov 14 (read: <a href="https://www.zacks.com/stock/news/281291/top-etf-stories-of-october-2017">Top ETF Stories of October 2017</a>).
Hopes of further extension of the OPEC output cut deal until the end of the next year and signs of tighter oil markets led to gains in crude from October. United States Brent Oil BNO and United States Oil USO gained about 9.6% and 8.5% in the last one month (as of Nov 13, 2017), respectively. But both funds were off 2.2% and 1.9% on Nov 14, after the International Energy Agency (IEA) <a href="http://www.reuters.com/article/us-global-oil/oil-prices-slide-after-iea-casts-doubt-over-demand-outlook-idUSKBN1DF03B">expressed doubts</a> over the prevailing ideas of tightening fuel markets.
The agency lowered its oil demand growth forecast by 100,000 barrels per day (bpd) for this year and next, to an estimated 1.5 million bpd in 2017 and 1.3 million bpd in 2018, as per an article published on Reuters. As per IEA, tough times are waiting for the oil patch with supply expected to beat demand by 600,000 bpd in 1Q18 and a 200,000-bpd surplus forecast for Q2.
The main reason for this surplus would be the U.S. shale boom. As per an article published on <a href="https://www.investors.com/news/u-s-to-become-oil-and-gas-hyperpower-but-opec-still-looms-iea/?src=A00220&amp;yptr=yahoo">investors.com</a>, &quot;the U.S. had already topped Russia in 2011 to be the world&#39;s No. 1 oil and gas producer, but the IEA&#39;s forecast would put the U.S. head and shoulders ahead of any rivals.&quot;
Time to Buy This Dip?
Investors should note that a report from the Organization of the Petroleum Exporting Countries (OPEC) &ndash; released a day before &ndash; is completely different from IEA. On Nov 13, 2017, the OPEC forecast higher demand for its oil in 2018. In its monthly oil market report, the OPEC fixed demand for &quot;its crude 400,000 barrels a day higher than this year, at <a href="http://www.chron.com/business/energy/article/OPEC-sees-higher-than-expected-oil-demand-growth-12352770.php">33.4 million barrels a day</a>&quot;.
The OPEC also beefed up global oil demand growth in 2018 by 130,000 barrels a day, to 1.51 million barrels. Adding to the euphoria, <a href="http://www.chron.com/business/energy/article/OPEC-sees-higher-than-expected-oil-demand-growth-12352770.php">OPEC&#39;s secondary sources</a> showed that the group produced less oil in October than the earlier month. This in turn cut down production by 150,900 barrels a day to 32.59 million barrels. Output decline was notable in Iraq, Nigeria, Venezuela and Algeria (read: <a href="https://www.zacks.com/stock/news/282043/oil-price-scales-2yr-high-5-best-energy-etfs-amp-stocks">Oil Price Scales 2-Yr High: 5 Best Energy ETFs &amp; Stocks</a>).
As per <a href="https://oilprice.com/Energy/Crude-Oil/OPEC-Sees-Oil-Demand-Soaring-In-2018.html">an article published</a> on oilprice.com, OPEC analysts said &quot;demand for crude is expected to reach 34m b/d in the second half of next year, roughly 1.4mmbpd above what they pumped last month.&quot;
Bottom Line 
The historic output cut deal, wherein OPEC, Russia and other producers agreed to reduce output by 1.8 million barrels per day until next March, seems to have started paying off. Now, it remains to be seen which agency proves correct in predicting the oil market behavior in 2018.
However, IEA&#39;s view appears to be relatively long term. And OPEC looks steadfast in leaving no stone unturned in order to rebalance the oil market. Global growth is also looking up. Plus, geopolitical tension is rife in the Middle East, posing threats to oil supply. So, investors with a strong stomach for risks may play oil and energy ETFs for a medium-term bounce.
PowerShares DB Oil Fund DBO, iPath Series B S&amp;P GSCI Crude Oil Total Return Index ETN OILB, Energy Select Sector SPDR Fund XLE, Vanguard Energy ETF VDE and iShares Global Energy ETF IXC are some of the products investors can look at (<a href="https://www.zacks.com/funds/etfs/etf-categories/Energy-ETFs-31">see all energy ETFs</a> here).
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Is It Time to Buy The Dip In Crude & Energy ETFs?

The U.S. consumer staples sector is modestly higher on a year-to-date basis, though the group trails the S&amp;P 500 by a wide margin. However, with the group retreating from some recently elevated valuations, investors may want to consider exchange-traded funds offering a global approach to consumer staples stocks.
That includes the iShares Global Consumer Staples ETF (NYSE: <a class="ticker" href="/stock/ixc#NYSE">IXC</a>). Home to nearly $615 million in assets under management, IXC is up more than 11 percent year to date, more than double the returns offered by some U.S.-focused staples ETFs.
&ldquo;After two quarters of slightly inflated valuations, the consumer defensive sector retreated modestly early in the third quarter, and now trades in line with our fair value estimates,&rdquo; said Morningstar <a href="http://beta.morningstar.com/articles/826040/consumer-defensive-valuations-more-reasonable-afte.html">in a recent note</a>. &ldquo;Nevertheless, opportunities remain for the selective investor.&rdquo;&nbsp;
<h3>M&amp;A Could Be A Catalyst</h3>
While there were no mega deals in the global staples sector to speak of during the third quarter, there some small- to mid-size, bolt-on transactions along with rumors indicating large-scale consumer staples mergers and acquisitions could be a theme to watch for in the months ahead.
Related Link: <a href="https://www.benzinga.com/trading-ideas/long-ideas/17/09/10105267/a-bounty-with-bank-etfs-maybe">Betting On Bank ETFs</a>
&ldquo;One reason for the continued interest in acquisitions is that organic growth remains sluggish for both retailers and manufacturers, with volumes remaining soft relative to historical levels, and price/mix still under pressure,&rdquo; said Morningstar. &ldquo;The growth of the hard discounters in Europe, Australia, and increasingly in the U.S., and the emergence of the e-commerce channel, are lowering barriers to entry in the consumer defensive space and intensifying price competition.&rdquo;
KXI holds 92 stocks, just over 51 percent of which are U.S. companies. About a third of the ETF&#39;s geographic exposure is in Europe with the U.K. and Switzerland combining for 21 percent of the fund&#39;s weight.
<h3>Margin Expansion</h3>
With sales still lethargic for some familiar staples companies, firms such as Dow components Procter &amp; Gamble Co (NYSE: <a class="ticker" href="/stock/pg#NYSE">PG</a>) and The Coca-Cola Co (NYSE: <a class="ticker" href="/stock/ko#NYSE">KO</a>) are focusing on margins.
&ldquo;Pressure to expand margins is coming from activist investors,&rdquo; added Morningstar. &ldquo;This quarter, Trian Partners&#39; Nelson Peltz announced that he is to seek a board seat at P&amp;G, Daniel Loeb&#39;s Third Point built a stake in Nestle SA (ADR) (OTC: <a class="ticker" href="/stock/nsrgy#OTC">NSRGY</a>) and published an open letter to management asking for changes to strategy and capital allocation.&rdquo;
<sp>Nestle, Procter &amp; Gamble and Coca-Cola combine for about 19 percent of KXI&#39;s weight.</sp>
Related Link: <a href="https://www.benzinga.com/news/17/09/10111254/some-mining-etfs-are-on-shaky-ground">Trouble For Mining ETFs</a>

Hedge Funds

Global

General

iShares S&P Globalnsumer Staples Sector Index Fund

Nestle Sponsored representing Registered Shares Series B

NSRGY

A Global Consumer Staples Idea

The Energy Select Sector SPDR (ETF) (NYSE: <a class="ticker" href="/stock/xle#NYSE">XLE</a>) is widely regarded as the benchmark exchange traded fund tracking the energy sector, but there are other options, including ETFs that allow investors to combine exposure to U.S. and international oil giants.
Home to over $1 billion in assets, the iShares S&amp;P Global Energy Sector (ETF) (NYSE: <a class="ticker" href="/stock/ixc#NYSE">IXC</a>) is <a href="https://www.benzinga.com/news/earnings/17/01/8931386/earnings-pleasantries-with-these-etfs">a credible idea for investors</a> looking for some international flair with their energy ETFs. Dow components Exxon Mobil Corporation (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>) and Chevron Corporation (NYSE: <a class="ticker" href="/stock/cvx#NYSE">CVX</a>), the two largest U.S. oil companies, combine for 23 percent of IXC&#39;s weight.
<h3>
	Exposure</h3>
Overall, the ETF allocates over 58 percent of its lineup to US-based companies, but that also means there&#39;s ample exposure to ex-US oil companies, particularly European oil majors. For example, Royal Dutch Shell Plc (NYSE: <a class="ticker" href="/stock/rds-a#NYSE">RDS-A</a>), BP plc (ADR) (NYSE: <a class="ticker" href="/stock/bp#NYSE">BP</a>) and Total SA (ADR) (NYSE: <a class="ticker" href="/stock/tot#NYSE">TOT</a>), Europe&#39;s three largest oil companies by market value, combine for over 19 percent of IXC&#39;s weight, or more than a third of the ETF&#39;s ex-US exposure.
IXC&#39;s geographic weights are relevant to investors because, sometimes, a company such as Shell or BP could need different prices on oil for break-even production than Chevron or Exxon.
&ldquo;According to our preliminary modelling, Royal Dutch Shell (AA-/Negative), Total (AA-/Negative) and BP (A/Stable) should all be able to cover their capex and cash dividends from operational cash flows if oil averages USD50-60/bbl in 2017, with Total at the lower and BP at the higher end of the price range. These figures are broadly in line with the companies&#39; guidance. Depending on actual prices, major oil companies may continue to report negative organic free cash flows in 2017, but a combination of opex savings, capex cuts and scrip dividends puts them in a safer position,&rdquo; said Fitch Ratings <a href="https://www.fitchratings.com/site/pr/1018892">in a recent note</a>.
<h3>
	Performance</h3>
Not surprisingly, the significant differences in holdings between IXC and XLE can lead to noticeable differences in performance. For example, XLE has outpaced IXC by 250 basis points over the past year, but IXC has been slightly less volatile over that period.
European oil companies are also actively looking to divest non-essential assets to raise cash to shore up their balance sheets.
&ldquo;European oil companies have also announced massive disposal programmes. This should help them reduce their net debt, which increased due to the 2015-16 cash-flow deficits. Disposals are particularly important for Shell after its BG acquisition. The company&#39;s ambitious USD30bn disposal target now seems feasible following the announcement of a further USD5bn in assets sales and another USD5bn under negotiation, on top of USD4.7bn received in 2016,&rdquo; adds Fitch.

The Oil Price This Energy ETF Needs

Cash ruled everything around the Wu Tang Clan, but it does not rule everything around some of the holdings in the iShares S&amp;P Global Energy Sector (ETF) (NYSE: <a class="ticker" href="/stock/ixc#NYSE">IXC</a>). When oil prices started faltering over a year ago, a common response by many large U.S. and foreign integrated oil companies was to cut capital expenditures.
Some even delayed increasing dividends or halted buybacks. These cash-conserving efforts have not gone unnoticed by investors. Coupled with rebounding oil prices, the iShares Global Energy ETF is up 13.3 percent year-to-date, an advantage of 180 basis points over its US-focused counterpart, the iShares Dow Jones US Energy Sector (ETF) (NYSE: <a class="ticker" href="/stock/iye#NYSE">IYE</a>).
<h3>IXC And Its Lineup</h3>
As its name implies, IXC is a global ETF, meaning it includes domestic and foreign oil companies. Dow components Exxon Mobil Corporation (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>) and Chevron Corporation (NYSE: <a class="ticker" href="/stock/cvx#NYSE">CVX</a>), the two largest U.S. oil companies, combine for over a quarter of IXC&#39;s weight. Overall, U.S. stocks are 59 percent of the ETF&#39;s lineup.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/16/08/8303402/its-not-all-about-yield-for-em-bond-investors">It's Not All About Yield For EM Bond Investors</a></bzrelatedlink>
The potential problem for the ETF is the inability of some of its marquee European holdings to better generate free cash flow.
&ldquo;European major oil and gas companies&#39; 1H16 results indicate they are likely to generate large negative free cash flows (FCFs) for the full year as average oil prices remain lower than in 2015, Fitch Ratings says. This will push up leverage in the near term but we expect cash deficits to fall in 2017 as oil prices start to gradually recover and the majors progress with their cost-cutting initiatives,&rdquo; said Fitch Ratings<a href="https://www.fitchratings.com/site/pr/1009866"> in a recent note</a>.
Royal Dutch Shell plc (ADR) (NYSE: <a class="ticker" href="/stock/rds-a#NYSE">RDS-A</a>) (NYSE: <a class="ticker" href="/stock/rds-b#NYSE">RDS-B</a>), BP plc (ADR) (NYSE: <a class="ticker" href="/stock/bp#NYSE">BP</a>), Eni SpA (ADR) (NYSE: <a class="ticker" href="/stock/e#NYSE">E</a>) and Total SA (ADR) (NYSE: <a class="ticker" href="/stock/tot#NYSE">TOT</a>) recently delivered earnings that indicate the capital conservation efforts of those companies still are not enough to bolster cash flow.
That quartet comprises integral parts of IXC&#39;s roster. BP and Shell combine for about 14 percent of the ETF&#39;s weight France&#39;s Total and Italy&#39;s Eni combine for over seven percent of IXC&#39;s weight. With a little patience, IXC investors should realize the benefits of European oil majors' efforts to bolster cash flow generation.
<h3>Looking Ahead</h3>
&ldquo;According to our forecasts the majors should significantly improve their cash flow generation in 2017, with the average pre-dividend FCF turning positive and average post-dividend FCF improving to around minus USD5/bbl. This progress should be driven by a combination of slightly higher oil prices, further cost cutting and falling capex,&rdquo; added Fitch.
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iShares Dow Jones US Energy Sector Index Fund

RDS-B

Not Too Much C.R.E.A.M For This ETF

U.S. indices rallied Tuesday morning led by a triple digit point gain in the Dow Jones. Granted, stocks have been opened for trading for less than half an hour, and the Dow Jones Index is trading closer to 17,000 than the 18,000 level it flirted with last Thursday.
<a href="http://video.cnbc.com/gallery/?video=3000529637">CNBC's Jim Cramer</a> acknowledged during Tuesday's "Squawk Box" segment that his theory might sound "nutty," but the rally is attributed to oil.
Oil prices rose on Tuesday after oil workers in Norway threatened to go on strike. Norway is one Europe's largest oil producers, and a strike in the country could impact up to 7,500 oil and gas workers.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/06/8159162/jim-cramer-on-brexit-dumbest-financial-mistake-ever">Jim Cramer On Brexit: Dumbest Financial Mistake Ever</a></bzrelatedlink>
The price of a barrel of Brent crude rose more than 2 percent to $48.23 a barrel while WTI Crude also rose 2 percent to trade at $47.38 a barrel.
"As much as oversees matters, the fact that oil is up and the algorithms are still tied to oil," Cramer said. "And if oil is up, people feel there is less chance of a recession."
Cramer added that the rally seen Tuesday morning could last "only if oil stays up." He also suggested that Wednesday's U.S. government crude oil inventory data will show a storage that is a "little lighter," which could add further momentum to the oil trade.

CNBC

Jim Cramer

Media

Cramer Explains Tuesday's Rally: Trading Algorithms 'Are Still Tied To Oil'

Oil prices topped the psychologically important $40 per barrel level on Monday, helping lift the United States Oil Fund LP (ETF) (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) to a one-week gain of over 13 percent.
 Energy stocks are strutting their stuff as well, as the Energy Select Sector SPDR (ETF) (NYSE: <a class="ticker" href="/stock/xle#NYSE">XLE</a>) is sporting a one-week gain of 2.5 percent.
Those statistics are clearly short-term in nature, and that might be one reason why short sellers are not shying away from the energy sector. XLE is down 20.1 percent over the past year, meaning the largest equity-based energy ETF is still in a bear market. Knowing that the sector&#39;s earnings and earnings forecasts have been dreadful could be seen as another reason short sellers would stay away on the premise that worst is baked into ETFs like XLE and their holdings. Again, that is not the case.
<h3>What Are The Shorts Saying?</h3>
European energy stocks, many of which can be found in the iShares S&amp;P Global Energy Sector (ETF) (NYSE: <a class="ticker" href="/stock/ixc#NYSE">IXC</a>), are among the favored targets of energy short sellers.
&ldquo;European energy stocks are once again being viewed in a negative light relative to others even after analysts lift earnings estimates,&rdquo; said <a href="http://www.markit.com/Commentary/Get/11042016-Equities-Analysts-and-shorts-expect-more-pain-for-energy">Markit </a>in a new research note.
<bzrelatedlink>Related Link: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/16/04/7825065/in-case-you-didnt-know-axioms-gordon-johnson-is-selling-">In Case You Didn't Know: Axiom's Gordon Johnson Is Selling Iron Ore And Steel Stocks</a></bzrelatedlink>
 &ldquo;A turbulent market thus far this year has seen European stocks play their part in a global equities rally which started half way into the first quarter. At one point the Stoxx 600 was up by 14 percent from its lows but momentum has waned. Short sentiment and revised earnings forecasts highlight the changing sector expectations as companies prepare to report first quarter results.&rdquo;
<h3>IXC, XLE Comparison</h3>
The $1 billion IXC allocates over 59 percent of its weight to U.S. stocks, but the U.K., France and Italy also combine for over 22 percent of the ETF&#39;s weight. Up 5.7 percent year-to-date, IXC is ahead of XLE by about 270 basis points this year.
&ldquo;Short sellers are largely in agreement with analysts in the energy sector with higher levels of average short interest correlating to weaker earnings revision rankings (above). While there appears to be higher short interest in some positively ranked names, more than 70 percent of energy companies place in the bottom half of earnings revisions in Europe,&rdquo; added Markit.
Commodities of all stripes soared last month, but traders used that surge to take profits in oil exchange traded products, indicating that some traders and investors see limited near-term upside for crude. Outflows were especially pronounced for futures-based oil funds,<a href="http://www.benzinga.com/news/16/04/7801032/after-a-rally-investors-are-skittish-about-energy-etfs"> including their leveraged counterparts</a>.
Image Credit: <a href="https://pixabay.com/en/men-sitting-waiting-wall-urban-349784/">Public Domain</a>

Short Ideas

Shorts Say Curb Your Enthusiasm For Energy ETFs

With less than two months of trading left in 2015, widely known is the fact that energy is the worst-performing sector in the S&amp;P 500. Glum views of the energy sector are not confined to U.S. markets as plenty of international energy stocks and the relevant exchange traded funds have also sagged this year.

	In fact, the iShares Global Energy ETF (NYSE: <a class="ticker" href="/stock/ixc#NYSE">IXC</a>) has trailed the Energy Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xle#NYSE">XLE</a>), the larges energy ETF, by nearly 200 basis points this year. IXC&#39;s name implies it is a global ETF, but over 59 percent of the fund&#39;s weight is allocated to U.S. stocks. Some IXC&#39;s ex-U.S. holdings have recently become favorite targets of short sellers.

	For the weekend ended November 16, &quot;worldwide borrow balances extended their three week trend and fell over $22 billion. Borrow return activity was widespread with 70% of all sectors showing reduction in borrow balances and only three sectors showing increases over $500 million,&quot; said <a href="http://www.s3partners.net/">S3 Partners</a> Managing Director of Research Ihor Dusaniwsky in a new research note. S3 Partners is a financial analytics company that provides data, analytics and services to asset managers and financial intermediaries.

	Related Link: <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/11/5985129/race-to-the-bottom-for-european-currency-etfs">Race To The Bottom For European Currency ETFs</a>

	According to S3 Partners data, one of the few sectors that saw borrowing by short sellers top $1 billion for the aforementioned period was integrated energy. The data indicate that two of the stock short-sellers are <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/11/5967815/these-etfs-should-like-the-apache-takeover-rumor">sinking their teeth</a> into are European energy giants Royal Dutch Shell Plc (NYSE: <a class="ticker" href="/stock/rds-a#NYSE">RDS-A</a>) and Statoil ASA (NYSE: <a class="ticker" href="/stock/sto#NYSE">STO</a>).

	The New York-traded shares of Shell, Europe&#39;s largest oil company by market value, and Statoil, Norway&#39;s state-controlled oil company, are down 24.5 percent and 11.9 percent, respectively, year-to-date. S3 data indicate that short sellers may have traded out of another sub-segment of the energy space to go after big integrated oil names. Short-sellers returned more than $1 billion worth of borrowed shares in oil and gas <a href="http://www.benzinga.com/trading-ideas/long-ideas/15/11/5983670/exploring-volatile-side-of-the-e-p-etf-trade">storage and transportation names</a> for the week ended November 16, according to S3 data.

	IXC has not been done any favors this year by Dow components Exxon Mobil Corporation&nbsp;(NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>) and Chevron Corporation&nbsp;(NYSE: <a class="ticker" href="/stock/cvx#NYSE">CVX</a>). Those stocks, which combine for over 23 percent of IXC&#39;s weight, are two just nine Dow stocks down at least five percent this year. Shell and Statoil combine for about 8 percent of IXC&#39;s weight.

Shorts Pile Into Some Of This ETF's Holdings

Here is the ETF Professor's ETF Watch List for Wednesday, July 17, 2013.

Give the ProShares UltraPro Short QQQ (NASDAQ: <a class="ticker" href="/stock/sqqq#NASDAQ">SQQQ</a>) a look.

Keep an eye on the Vanguard Total Stock Market ETF (NYSE: <a class="ticker" href="/stock/vti#NYSE">VTI</a>).

The iShares Global Energy ETF (NYSE: <a class="ticker" href="/stock/ixc#NYSE">IXC</a>) is worth a trade.

Emerging markets plays of the day: ProShares UltraShort MSCI Emerging Markets (NYSE: <a class="ticker" href="/stock/eev#NYSE">EEV</a>), Market Vectors Brazil Small-Cap ETF (NYSE: <a class="ticker" href="/stock/brf#NYSE">BRF</a>) and the Market Vectors Egypt ETF (NYSE: <a class="ticker" href="/stock/egpt#NYSE">EGPT</a>).

Forex play of the day: PowerShares DB Dollar Bullish (NYSE: <a class="ticker" href="/stock/uup#NYSE">UUP</a>)&gt;

Bond play of the day: Direxion Daily 20+ Yr Treasury Bear 3X Shares (NYSE: <a class="ticker" href="/stock/tmv#NYSE">TMV</a>).

Broad U.S. Equity ETFs

Specialty ETFs

New ETFs

Emerging Market ETFs

Currency ETFs

Pre-Market Outlook

ProShares UltraShort MSCI Emerging Markets

EGPT

SQQQ

Direxion Daily 20+ Year Treasury Bear 3X Shares

PowerShares DB US Dollar Index Bullish Fund

ETFs to Watch July 17, 2013 (EEV, TMV, VTI)

By most accounts, this has been a good year to be long energy stocks.

	The Energy Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xle#NYSE">XLE</a>), the iShares Energy ETF (NYSE: <a class="ticker" href="/stock/iye#NYSE">IYE</a>) and the Vanguard Energy ETF (NYSE: <a class="ticker" href="/stock/vde#NYSE">VDE</a>), three of the most popular U.S.-focused energy funds, are up an average of 14.6 percent year-to-date.

	Sounds good until realizing the SPDR S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>) is up 17.1 percent, a gain that has been accrued with 410 basis points less volatility than XLE.

	In the past three months, Exxon Mobil (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>) and Chevron (NYSE: <a class="ticker" href="/stock/cvx#NYSE">CVX</a>), the two largest U.S oil companies and the two stocks that dominate the aforementioned ETFs, are each up about three percent.

	However, SPY is up just over four percent and the U.S. Oil Fund (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) has surged nearly nine percent.

	With energy sector earnings set to start flowing toward the end of this month, investors should take this time to evaluate the energy ETFs they currently hold. Barclays analysts looked at 18 major oil and refining companies and said they expect collective earnings of $24.3 billion, down 16 percent quarter-over-quarter but up one percent year-over-year, <a href="http://blogs.marketwatch.com/energy-ticker/2013/07/09/another-middling-quarter-for-oil-majors-with-exxon-the-biggest-worry/">according to MarketWatch</a>.

	Barclays expects Exxon, Chevron and ConocoPhillips (NYSE: <a class="ticker" href="/stock/cop#NYSE">COP</a>) to report second-quarter per share earnings that below the first-quarter results. Beyond the major oil producers, the bank is not enthusiastic about previously high-flying refiners. Barclays said it lowered its earning estimates for refiners by 18% in the second quarter, by 24 percent for the full year 2013, and by 21 percent in 2014, MarketWatch reported.

	There are no ETFs explicitly devoted to refiners, but some <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/08/2829120/3-etfs-for-resurgent-refiners">have benefited more than others</a> due to larger weights to this energy sub-sector. A disappointing batch of earnings from refiners could weigh on ETFs such as the Guggenheim S&amp;P 500 Equal-Weight Energy ETF (NYSE: <a class="ticker" href="/stock/rye#NYSE">RYE</a>) and the iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (NYSE: <a class="ticker" href="/stock/ieo#NYSE">IEO</a>).

	In fairness to IEO, the fund has been one of the top-performing large U.S. energy ETFs this year with a gain of 16.5 percent, but three refiners – Phillips 66 (NYSE: <a class="ticker" href="/stock/psx#NYSE">PSX</a>), Marathon Petroleum (NYSE: <a class="ticker" href="/stock/mpc#NYSE">MPC</a>) and Valero (NYSE: <a class="ticker" href="/stock/vlo#NYSE">VLO</a>) – are found among the fund's top-10 holdings.

	There is a scenario under which <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/05/3558065/bye-bye-irani-hello-to-this-etf">IEO can keep the good times going</a> and it boils down to Occidental Petroleum (NYSE: <a class="ticker" href="/stock/oxy#NYSE">OXY</a>) and EOG Resources (NYSE: <a class="ticker" href="/stock/eog#NYSE">EOG</a>). Those stocks, which are each up more than 10 percent in the past 90 days, combine for more than 21 percent of the ETF's weight. If Occidental and EOG keep moving higher, IEO should be able to endure refiners' downside.

	No Help From Overseas 
	Global oil majors have provided no relief to investors and do not look like attractive alternatives to their U.S. peers at this point. Even an almost 54 percent weight to U.S. stocks has not stopped the iShares Global Energy ETF (NYSE: <a class="ticker" href="/stock/ixc#NYSE">IXC</a>) from turning in a middling 4.5 percent gain this year.

	It is not the ETF's fault. Rather, management at European oil majors can be blamed. European oil majors such as Royal Dutch Shell (NYSE: RDS-A), BP and Total (NYSE: <a class="ticker" href="/stock/tot#NYSE">TOT</a>) allocate 54 percent of their annual capital budgets just to keep production declines in the range of four to five percent, <a href="http://online.wsj.com/article/SB10001424127887324867904578593570111198546.html">the Wall Street Journal reported, citing Goldman Sachs</a>.

	Shareholders, and rightfully so, have become irritated by this because those expenditures could and probably should be going to more lucrative projects, buybacks and dividends. Those stocks along with BG Group combine for almost 19 percent of IXC's weight.

	Still, IXC has looked downright peachy compared to those ETFs with substantial allocations to state-run, emerging markets-based energy firms. This is how bad state-run emerging markets energy stocks listed on the New York Stock Exchange have been this year: PetroChina (NYSE: <a class="ticker" href="/stock/ptr#NYSE">PTR</a>) is one of the better performers with a loss of nearly 21 percent. Brazil's Petrobras (NYSE: <a class="ticker" href="/stock/pbr#NYSE">PBR</a>) and Colombia's Ecopetrol (NYSE: <a class="ticker" href="/stock/ec#NYSE">EC</a>) are down an average of 35.6 percent year-to-date.

	That is to say investors intent on sticking with large-cap energy stocks <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/06/3681839/state-run-energy-companies-are-sinking-these-etfs">should avoid emerging markets</a>.

	For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

Earnings

Emerging Markets

Futures

Intraday Update

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

Rydex ETF Trust Rydex S&P Equal Weight Energy ETF

Pivotal Earnings Season Ahead For Energy ETFs

Here is the ETF Professor's ETF Watch List for Wednesday, May 1, 2013.

Give the iShares S&amp;P Global Energy ETF (NYSE: <a class="ticker" href="/stock/ixc#NYSE">IXC</a>) a look.

The SPDR S&amp;P Homebuilders ETF (NYSE: <a class="ticker" href="/stock/xhb#NYSE">XHB</a>) should be considered as well.

The Vanguard Health Care ETF (NYSE: <a class="ticker" href="/stock/vht#NYSE">VHT</a>) should be in play.

The Direxion Daily Gold Miners Bull 3X Shares (NYSE: <a class="ticker" href="/stock/nugt#NYSE">NUGT</a>) had another wild day Tuesday.

Emerging markets plays of the day: iShares MSCI Brazil Index Fund (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>), Market Vectors Indonesia ETF (NYSE: <a class="ticker" href="/stock/idx#NYSE">IDX</a>) and the Market Vectors Poland ETF (NYSE: <a class="ticker" href="/stock/plnd#NYSE">PLND</a>).

Forex play of the day: ProShares UltraShort Euro (NYSE: <a class="ticker" href="/stock/euo#NYSE">EUO</a>).

Bond play of the day: PIMCO Total Return ETF (NYSE: <a class="ticker" href="/stock/bond#NYSE">BOND</a>).

BOND

NUGT

PLND

ETFs to Watch May 1, 2013 (EUO, NUGT, VHT)

On Tuesday, Venezuelan Vice President Nicolas Maduro confirmed that President Hugo Chavez passed away, ending a two-year bout with cancer. Chavez, 58, controlled Venezuela, South America's largest oil producer, for 14 years. Frequently an antagonist of the U.S., Chavez even blamed the U.S. for <a href="http://www.cnbc.com/id/100373867">orchestrating a 2002 coup aimed at toppling his regime</a>.

With Chavez's passing, investors and traders with exposure to Latin America are perhaps hoping a new regime, one with more free market principles, comes to power in Venezuela. As has been previously noted, <a href="http://www.benzinga.com/markets/bonds/13/03/3382166/bond-etfs-resisting-chavez-rumors-yet-again">only a few bond ETFs offer U.S. investors any form of Venezuela exposure</a>.

With no equity-based Venezuela ETF currently on the market, the iShares Emerging Markets High Yield Bond Fund (NYSE: <a class="ticker" href="/stock/emhy#NYSE">EMHY</a>) acts as a bond alternative to tapping into Venezuela. The fund features an allocation of almost 17.5 percent to the South American nation, <a href="http://us.ishares.com/product_info/fund/overview/EMHY.htm?fundSearch=true&amp;qt=EMHY">according to iShares data</a>.

On the equity-based front, investors have a couple of options, stretches as they may be. Start with the iShares S&amp;P Global Energy Sector Index Fund (NYSE: <a class="ticker" href="/stock/ixc#NYSE">IXC</a>).

Not only is Venezuelan Latin America's largest oil producer, it is a member of the Organization of Petroleum Exporting Countries. And not only is Venezuela an OPEC member, but it is home to the <a href="http://www.marketwatch.com/story/venezuela-oil-reserves-topped-saudis-in-2010opec-2011-07-18">largest oil reserves in the world</a>. Yes, even larger than Saudi Arabia's. Some estimates pin the number at 256 billion barrels. Add to that, the country is home to the largest natural gas reserves in the Western hemisphere.

Despite its abundance of oil riches, Venezuela long ago nationalized its oil industry and foreign firms operating there during Chavez's reign faced myriad challenges. For example, in 2011 the country's energy ministry threatened <a href="http://www.reuters.com/article/2011/01/27/venezuela-oil-idUSN2727522220110127">some Western oil companies</a> with loss of their exploration rights if they did not boost production.

Back to the iShares S&amp;P Global Energy Sector Index Fund. This ETF and its rival, the smaller SPDR S&amp;P International Energy Sector ETF (NYSE: <a class="ticker" href="/stock/ipw#NYSE">IPW</a>) are ideally positioned to take benefit if Venezuela embraces a new form of government and opts to act as a partner with rather than a dictator to Western oil companies.

IXC, which has just over $1 billion in assets under management, devotes about 28 percent of its weight to Exxon Mobil (NYSE: <a class="ticker" href="/stock/xom#NYSE">XOM</a>), Chevron (NYSE: <a class="ticker" href="/stock/cvx#NYSE">CVX</a>) and BP (NYSE: <a class="ticker" href="/stock/bp#NYSE">BP</a>). In addition to the Boscan Field, Chevron has operations in the Plataforma Deltana region and in the Gulf of Venezuela. 

Exxon's Cerro Negro in Venezuela was seized, but with the company's need to bolster oil reserves and production, it is not a stretch to see the largest U.S. oil company warming to Venezuela once again if the circumstances are favorable. 

BP does not have a major Venezuelan presence, but after selling scores of assets in the wake of the 2010 Gulf of Mexico spill, Europe's second-largest oil company is looking for avenues to increase production. 

Other IXC constituents that previously had or currently maintain a Venezuelan footprint include Total (NYSE: <a class="ticker" href="/stock/tot#NYSE">TOT</a>), ConocoPhillips (NYSE: <a class="ticker" href="/stock/cop#NYSE">COP</a>), Eni (NYSE: <a class="ticker" href="/stock/e#NYSE">E</a>) and Petrobras (NYSE: <a class="ticker" href="/stock/pbr#NYSE">PBR</a>). Those four stocks combine for another 9.4 percent of IXC's weight.

As for IPW, that ETF features no exposure to U.S. companies, but BP, Total and Eni combine for almost a quarter of the ETF's weight, giving the fund some leverage to the Venezuela oil story. Additionally, Royal Dutch Shell (NYSE: RDS-A) has done business in Venezuela for a century. Two different Shell securities combine for over 16 percent of IPW's weight.

Bottom line: There are no guarantees these stocks and ETFs will react immediately to the Chavez news, but the two funds are worth monitoring, particularly in the event of legitimate Venezuelan regime change.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

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2 Energy ETFs Could Benefit From Chavez Passing

Let's quickly clear up that headline. Not all of the ETFs that will be highlighted here have violated a key moving average such as the 50- or 200-day lines. 

However, the funds that will be discussed here have another problem: Plenty of their components have recently fallen below their simple 50-day moving averages.

This is important because despite what some critics would have investors believe, when it comes to equity-based ETFs it is the fund's underlying components (the stocks) that determine price action for the ETF. 

With that in mind, a screen for large-cap stocks trading below their simple 50-day moving averages was run to see if multiple stocks popped up from the same sectors. The thesis being that that would be an important clue regarding which ETFs potentially technically vulnerable in the near-term. Here is what the screen turned up.

iShares FTSE China 25 Index Fund (NYSE: <a class="ticker" href="/stock/fxi#NYSE">FXI</a>)
Given the disappointing start to 2013 turned by Chinese equities, it is not surprising that FXI is languishing about 4.6 percent below its 50-day line. Technically speaking, things could get worse before they get better.

The screen turned up just four <a href="http://www.finviz.com/screener.ashx?v=111&amp;f=cap_mega,ta_sma50_pb&amp;ft=3">mega-cap stocks trading below their 50-day lines</a>. Two are China Mobile (NYSE: <a class="ticker" href="/stock/chl#NYSE">CHL</a>) and PetroChina (NYSE: <a class="ticker" href="/stock/ptr#NYSE">PTR</a>), which combine for over 13 percent of FXI's weight.

China Unicom (NYSE: <a class="ticker" href="/stock/chu#NYSE">CHU</a>), China Telecom (NYSE: <a class="ticker" href="/stock/cha#NYSE">CHA</a>), China Life Insurance (NYSE: <a class="ticker" href="/stock/lfc#NYSE">LFC</a>) and Sinopec (NYSE: <a class="ticker" href="/stock/snp#NYSE">SNP</a>) all fall into the same category. Remember, FXI is only home to 26 stocks and at least six are below their 50-day moving averages. The six FXI constituents mentioned here combined for roughly 28 percent of the ETF's weight.

iShares S&amp;P Global Energy Sector Index Fund (NYSE: <a class="ticker" href="/stock/ixc#NYSE">IXC</a>)
After recently dropping below its 50-day line, the iShares S&amp;P Global Energy Sector Index Fund has ever so slightly risen back above that important technical indicator. How long those good times will last appears to be a tricky call to make. Here is why.

Royal Dutch Shell (NYSE: RDS-A), Europe's largest oil company, is one of the other mega-cap names residing below its 50-day line. So are some of Shell's major rivals, including BP (NYSE: <a class="ticker" href="/stock/bp#NYSE">BP</a>) and Total (NYSE: <a class="ticker" href="/stock/tot#NYSE">TOT</a>). That trio combines for almost 17 percent of IXC's weight. 

Other global oil names with U.S. shares below the 50-day line include the aforementioned Chinese names, Ecopetrol (NYSE: <a class="ticker" href="/stock/ec#NYSE">EC</a>), Encana (NYSE: <a class="ticker" href="/stock/eca#NYSE">ECA</a>) and Petrobras (NYSE: <a class="ticker" href="/stock/pbr#NYSE">PBR</a>). All of those stocks are also IXC constituents.

Market Vectors Agribusiness ETF (NYSE: <a class="ticker" href="/stock/moo#NYSE">MOO</a>)
This is a fairly straight-forward scenario. In alphabetical order, here a few of the MOO holdings residing below their 50-day lines, which explains why the same fate has befallen the ETF: Agrium (NYSE: <a class="ticker" href="/stock/agu#NYSE">AGU</a>), Bunge (NYSE: <a class="ticker" href="/stock/bg#NYSE">BG</a>), CF Industries (NYSE: <a class="ticker" href="/stock/cf#NYSE">CF</a>), Deere (NYSE: <a class="ticker" href="/stock/de#NYSE">DE</a>), Mosaic (NYSE: <a class="ticker" href="/stock/mos#NYSE">MOS</a>) and Potash (NYSE: <a class="ticker" href="/stock/pot#NYSE">POT</a>).

Those are six of MOO's top-14 holdings and three of the ETF's top-10. Combined, Deere and Potash are nearly 13 percent of the ETF's overall weight.

SPDR S&amp;P International Health Care Sector ETF (NYSE: <a class="ticker" href="/stock/iry#NYSE">IRY</a>)
IRY was <a href="http://www.benzinga.com/trading-ideas/long-ideas/13/02/3357973/are-global-health-care-etfs-worth-prescribing">recently mentioned as one of several unheralded global health care ETFs</a>. For the moment, it might be left undiscovered because although the ETF is trading above its 50-day moving average, a decline below that level could be in the offing.

IRY is home to 117 stock, but the top 10 holdings represent nearly 60 percent of the fund's weight. Of that group, the screen shows AstraZeneca (NYSE: <a class="ticker" href="/stock/azn#NYSE">AZN</a>), Sanofi (NYSE: <a class="ticker" href="/stock/sny#NYSE">SNY</a>) and Teva (NASDAQ: <a class="ticker" href="/stock/teva#NASDAQ">TEVA</a>) all below their 50-day lines. That trio equals about 14.4 percent of IRY's weight. 

The news could get worse. At least two other IRY top-10 holdings – GlaxoSmithKline (NYSE: <a class="ticker" href="/stock/gsk#NYSE">GSK</a>) and Novo Nordisk (NYSE: <a class="ticker" href="/stock/nvo#NYSE">NVO</a>) - are within pennies of giving up their 50-day moving averages.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

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These ETFs Have Moving Average Problems

The good times continued for the bulls last week. When the closing bell sounded on Friday, the Dow Jones Industrial Average was found resting above 14,000 for the first time since 2007 and the S&amp;P 500 capped its best January performance since 1997. 

The S&amp;P 500 is now up 6.1 percent year-to-date and all three major U.S. indexes are higher on the year.

With earnings season winding to a close (roughly half of the S&amp;P 500 members have delivered quarterly results), traders may see the days ahead as an ideal time to book some profits while waiting for the next catalyst to move stocks and riskier assets higher. 

Still, some near-term profit-taking does not mean the market's upward trajectory is in significant danger.

The week ahead is again heavy on data reports as the December factory orders report is due out today. Fourth-quarter productivity, the December consumer-credit reading and weekly jobless claims will be delivered on Thursday. And even though earnings season is drawing to a close, there are still plenty of reports to keep an eye. Indeed, the following ETFs should be in play this week.

SPDR S&amp;P Retail ETF (NYSE: <a class="ticker" href="/stock/xrt#NYSE">XRT</a>)
Following a stellar run in 2012, the SPDR S&amp;P Retail ETF has continued to impress in 2013. The ETF has made a series of new all-time highs to start the year. Last week, the Conference Board said its January consumer confidence index plunged to 58.6 from 66.7 in December. The January reading is the lowest since November 2011.

However, Commerce Department said U.S. consumer spending rose 0.2% in December following a 0.4% increase in November. Overall, recent data points have been good and perhaps a case can be made the January drop in consumer confidence was a one-off event. 

Sure, some XRT constituents report earnings this week, but given this ETF's almost 28 percent weight to apparel retailers and a nearly 16 percent allocation to specialty stories, the fund can be sensitive to conflicting consumer-related data points. Last week was an exception, but XRT's RSI resides above 80, indicating the fund could be ripe for some profit-taking if data is disappointing this week.

iShares S&amp;P Global Energy Sector Index Fund (NYSE: <a class="ticker" href="/stock/ixc#NYSE">IXC</a>)
Oil prices rose for the eighth consecutive week last week, giving futures the look of being in need of a near-term pullback. However, that retrenchment may not materialize this week and the iShares S&amp;P Global Energy Sector Index Fund is not lacking for catalysts with which to make a run at its September 2012 highs.

Yes, most of the major U.S. oil companies have delivered earnings, but a pair of IXC holdings deliver results today, those being Anadako Petroleum (NYSE: <a class="ticker" href="/stock/apc#NYSE">APC</a>) and Petrobras (NYSE: <a class="ticker" href="/stock/pbr#NYSE">PBR</a>). Do not expect much out of the latter, but Anadarko has the potential to deliver results that could send the stock soaring. More importantly, BP (NYSE: <a class="ticker" href="/stock/bp#NYSE">BP</a>), five percent of IXC's weight, delivers results Tuesday before the bell. Statoil (NYSE: <a class="ticker" href="/stock/sto#NYSE">STO</a>) reports later in the week. Those four stocks combine for about nine percent of IXC's weight.

iShares Dow Jones U.S. Healthcare Providers Index Fund (NYSE: <a class="ticker" href="/stock/ihf#NYSE">IHF</a>)
Maybe it is because the iShares Dow Jones U.S. Healthcare Providers Index Fund has average daily volume of less than 29,000 shares that the ETF does not get much attention, but ignoring this fund has meant leaving 5.8 percent in year-to-date returns on the table. 

In December, some analysts <a href="http://www.minyanville.com/trading-and-investing/etfs/articles/S2526P-Sees-Better-2013-For-Health/12/19/2012/id/46826?camp=syndication&amp;medium=portals&amp;from=yahoo">health insurance providers could post double-digit EPS growth this year</a>.

How accurate that forecast will be remains to be seen, but investors may get a glimpse if the IHF holdings reporting this week provide guidance. Cigna (NYSE: <a class="ticker" href="/stock/ci#NYSE">CI</a>), Humana (NYSE: <a class="ticker" href="/stock/hum#NYSE">HUM</a>) and Coventry Health Care (NYSE: <a class="ticker" href="/stock/cvh#NYSE">CVH</a>) all report this week. That trio represents 13.5 percent of IHF's weight.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

iShares Dow Jones US Health Care Provides Index Fund

A Look Ahead: This Week's ETFs to Watch

Here is the ETF Professor's ETF Watch List for Monday January 28, 2013.

The Market Vectors Solar Energy ETF (NYSE: <a class="ticker" href="/stock/kwt#NYSE">KWT</a>) looks poised for a pullback.

The iShares S&amp;P Global Energy Index Fund (NYSE: <a class="ticker" href="/stock/ixc#NYSE">IXC</a>) will be in play in this week.

Keep an eye on the Market Vectors Retail ETF (NYSE: <a class="ticker" href="/stock/rth#NYSE">RTH</a>).

Emerging markets plays of the day: ProShares UltraShort Brazil (NYSE: <a class="ticker" href="/stock/bzq#NYSE">BZQ</a>), iShares MSCI Philippines Investable Market Index Fund (NYSE: <a class="ticker" href="/stock/ephe#NYSE">EPHE</a>) and the Market Vectors Indonesia ETF (NYSE: <a class="ticker" href="/stock/ephe#NYSE">EPHE</a>).

Forex play of the day: CurrencyShares Euro Trust (NYSE: <a class="ticker" href="/stock/fxe#NYSE">FXE</a>).

Bond play of the day: iShares iBoxx $ Investment Grade Corporate Bond ETF (NYSE: <a class="ticker" href="/stock/lqd#NYSE">LQD</a>).

ISHARES MSCI PHILIPPINES INVESTABLE MARKET INDEX FUND

EPHE

Merrill Lynch Retail HOLDRS Trust due 12/31/41

ETFs to Watch January 28, 2013 (FXE, IXC, RTH)

Usually a beacon of predictability and stability, particularly in volatile market environments, the consumer staples sector thrived in 2012. The bad new is not only has the group been lagging the broader market for a couple of months now, it is also richly valued.

In downgrading his view of the sector to Neutral from Overweight, iShares Global Chief Investment Strategist Russ Koesterich calls the premium staples stocks currently trade at "extreme."

"As people generally need to buy household items like toothpaste and soap even when the economy is weak, consumer staples stocks typically trade at a premium due to the stability of their earnings streams," wrote Koesterich in a note. "But today's premium looks extreme. Consumer staples is now the most expensive sector globally, trading at 3.4x price to book, nearly double the level of the global benchmark."

Adding to the potential disappointments for investors embracing staples stocks and ETFs at currently frothy levels is earnings growth. As in estimates for staples' earnings growth do not jibe with the lofty valuations the sector now sports. 

"Despite their rich valuation, earnings growth estimates for the sector are the third lowest of the 10 economic sectors," <a href="http://isharesblog.com/blog/2013/01/18/consumer-staples-don%E2%80%99t-overpay-for-safety/">wrote Koesterich</a>. 

Staples stocks are prized for low betas, dependable dividends and predictable earnings, but even with those favorable catalysts, the statistics support Koesterich's view that the group is richly valued.

Take the Consumer Staples Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlp#NYSE">XLP</a>). With over $5.6 billion in assets under management, XLP is the largest staples ETF by that metric. An ETF that devotes 42 percent of its combined weight to stodgy Procter &amp; Gamble (NYSE: <a class="ticker" href="/stock/pg#NYSE">PG</a>), Philip Morris (NYSE: <a class="ticker" href="/stock/pm#NYSE">PM</a>), Coca-Cola (NYSE: <a class="ticker" href="/stock/ko#NYSE">KO</a>) and Wal-Mart (NYSE: <a class="ticker" href="/stock/wmt#NYSE">WMT</a>) trades with a P/E ratio of almost 17 and a price-to-book value of 3.33, <a href="https://www.spdrs.com/product/fund.seam?ticker=XLP">according to State Street data</a>.

Conversely, the Technology Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlk#NYSE">XLK</a>), an ETF that allocates almost 23 percent of its combined weight to Apple (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>) and Google (NASDAQ: <a class="ticker" href="/stock/goog#NASDAQ">GOOG</a>), has a <a href="https://www.spdrs.com/product/fund.seam?ticker=XLK">P/E ratio of just over 13</a>.

Pricey staples names is not just a U.S. phenomenon. The iShares S&amp;P Global Consumer Staples Sector Index Fund (NYSE: <a class="ticker" href="/stock/kxi#NYSE">KXI</a>) devotes almost half its weight to companies that are not based in the U.S., including Nestle (OTC: <a class="ticker" href="/stock/nsrgy#OTC">NSRGY</a>), British American Tobacco and Diageo (NYSE: <a class="ticker" href="/stock/deo#NYSE">DEO</a>). 

While KXI keeps with the staples tradition of being a low-beta offering (beta of 0.63), the ETF is another example of a richly value staples play. For the privilege of owning the aforementioned international stocks along with Procter &amp; Gamble, PepsiCo (NYSE: <a class="ticker" href="/stock/pep#NYSE">PEP</a>) and Altria (NYSE: <a class="ticker" href="/stock/mo#NYSE">MO</a>), among others, investors will have to deal with KXI's <a href="http://us.ishares.com/product_info/fund/overview/KXI.htm">P/E ratio of almost 20 and a price-to-book ratio of 5.86</a>. 

That is pricier than the iShares S&amp;P Global Technology Sector Index Fund (NYSE: <a class="ticker" href="/stock/ixn#NYSE">IXN</a>), where Apple and Google combine for over 20 percent, and the iShares S&amp;P Global Energy Sector Index Fund (NYSE: <a class="ticker" href="/stock/ixc#NYSE">IXC</a>). Koesterich has Overweight ratings on the global energy and technology sectors.

For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

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