XLE fell as traders reassessed oil sensitivity, ETF flows and supply assumptions, with Nigeria's budget signals adding to global energy sector repricing.
US energy stocks repriced after Venezuela headlines, with investors favoring liquid ETFs like XLE, led by Chevron, as policy risk lifted sector sensitivity.
In October, U.S. investors poured nearly $92 billion into long-term funds, setting a record, while U.S. Treasury yields fell and expectations for rate cuts rose.