We include in our Watchlist the ETF iShares IEO (US Oil & Gas Exploration & Production Index) with fees of 0.44% and AUM of approximately $ 387M. The index has been under strong pressure since the beginning of 2017 but seems about to complete its correction while oil prices recover from the height.
• Production and exploration companies suffer from a shale oil oversupply from US companies and a larger and less flexible cost base. However, hurricanes had a negative impact on production in the Gulf of Mexico and shale oil supply was lower than expected this summer, causing a rebound in oil and IEO. The OPEC agreement should be extended in the coming weeks, which is a supporting factor.
• The technical configuration shows the breakout of the downward line active since December 2016. This implies that a medium-term rebound should take place. Prices are crossing over the EMA(13/26) and the MACD has reversed upward, confirming this scenario.
IEO : weekly data
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We include in our Watchlist the ETF iShares IEO (US Oil & Gas Exploration & Production Index) with fees of 0.44% and AUM of approximately $ 387M. The index has been under strong pressure since the beginning of 2017 but seems about to complete its correction while oil prices recover from the height.
• Production and exploration companies suffer from a shale oil oversupply from US companies and a larger and less flexible cost base. However, hurricanes had a negative impact on production in the Gulf of Mexico and shale oil supply was lower than expected this summer, causing a rebound in oil and IEO. The OPEC agreement should be extended in the coming weeks, which is a supporting factor.
• The technical configuration shows the breakout of the downward line active since December 2016. This implies that a medium-term rebound should take place. Prices are crossing over the EMA(13/26) and the MACD has reversed upward, confirming this scenario.
IEO : weekly data