Shares of oil and gas equipment and services exchange-traded funds surged Wednesday, as investors broadened their exposure to the beaten-down energy sector in anticipation of stronger economic activity, and demand, in the wake of announcements about COVID-19 vaccine successes. The Invesco Dynamic Oil & Gas Services ETF was up 4.1% at midday, while the SPDR S&P Oil & Gas Equipment & Services ETF was up 3.6%. The iShares U.S. Oil Equipment & Services ETF gained 2.8%. All three funds have gained approximately 40% in the month to date, easily putting them on track for their best month on record. In the year to date, however, they’re all still down about 51%, a reminder of how badly COVID-19 – and more secular headwinds – have battered the sector.
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