Shares of oil and gas companies experienced a slight decline in premarket trading on Thursday, as crude oil prices took a hit for the second consecutive session due to decreased tensions in the Red Sea. The Energy Select Sector SPDR ETF XLE, -0.44% dropped by 0.4% in anticipation of the market opening, reflecting the downward trend in crude oil futures CL.1, -1.36% CL00, -1.36%, which fell by 1.4% following a 1.5% decrease on Wednesday.
Examining some of the more active components of the energy ETF, we observe that Exxon Mobil Corp. XOM, -0.47% experienced a minor 0.1% decline, while Kinder Morgan Inc. KMI, -0.45% saw a decrease of 0.6%. Chevron Corp. CVX, -0.33% slipped by 0.2%, Occidental Petroleum Corp. OXY, -0.65% faced a 0.1% decline, and Marathon Oil Corp. MRO, -1.19% fell by 0.6%.
As of Wednesday, the energy ETF has declined by 2.5% year-to-date, making it one of only three SPDR ETFs that track the 11 S&P 500 sectors to experience a dip this year. In comparison, crude oil futures have plummeted by 9% in 2021, while the S&P 500 SPX, +0.14% has rallied impressively with a 24.5% increase.
