3 Energy Stocks to Watch Amid Sector Struggles

XOM, CVX, and EOG are all down for the year

The Energy Select Sector SPDR Fund (XLE) is off 0.3% at $81.50 at last check. The exchange-traded fund (ETF) has struggled with a ceiling at the $83 level over the last month, and is down 6.9% year-to-date. Below, let’s dig deeper into how a handful of its components are faring. 

Options Traders Bullish on XOM

Exxon Mobil Corp (NYSE:XOM) stock was last down 0.2% to trade at $107.97, with overhead pressure at the 40-day moving average capping gains since early May. Over the last nine months, the equity has shed 11.7%, and is now slipping into red territory for the year.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security’s 50-day call/put volume ratio of 1.77 ranks higher than 97% of readings from the past year, indicating calls have been much more popular than usual of late.

CVX Boasts Affordable Premiums

The shares of Chevron Corporation (NYSE:CVX) are up 0.4% to trade at $159.83 at last check, as they extend their bounce off a June 5, annual low of $152.16. Shares are today running into familiar pressure at the $160 region, and carry an 11.2% year-to-date deficit.

It’s worth noting the security boasts attractively priced premiums at the moment. This is per CVX’s Schaeffer’s Volatility Index (SVI) of 23%, which sits in the relatively low 13th percentile of its 12-month range.

Short-Term Bears Betting on EOG

Hydrocarbon exploration name EOG Resources Inc (NYSE:EOG) is down 0.3% at $115.77 this morning, and has shed 14.9% in the past 12 months. EOG conquered its 20-day moving average at the beginning of June, but still carries a 9.7% deficit for 2023.

Short-term options traders are more bearish than usual, per the security’s Schaeffer’s put/call open interest ratio (SOIR), which sits in the 86th percentile of readings from the past year.