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Energy Is Rallying. How to Play It With Options.

Barrons2021-09-30

The energy market may soon deliver a hard lesson to a world that has grown accustomed to having what it wants whenever it wants it, and almost instantaneously. Demand seems to be exceeding supply, and...

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How to Play It With Options.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-30 17:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/energy-is-rallying-how-to-play-it-with-options-51632990601?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The energy market may soon deliver a hard lesson to a world that has grown accustomed to having what it wants whenever it wants it, and almost instantaneously.\nDemand seems to be exceeding supply, and...</p>\n\n<a href=\"https://www.barrons.com/articles/energy-is-rallying-how-to-play-it-with-options-51632990601?mod=hp_LATEST\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"EOG","symbol_name":"依欧格资源","start_time":0,"source_url":"https://www.barrons.com/articles/energy-is-rallying-how-to-play-it-with-options-51632990601?mod=hp_LATEST","article_id":"1130990623","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1130990623","pubTimestamp":1632993577,"columns":[],"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"The energy market may soon deliver a hard lesson to a world that has grown accustomed to having what","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"EOG":"依欧格资源","COP":"康菲石油","WMB":"威廉姆斯","SLB":"斯伦贝谢","MPC":"马拉松原油","CVX":"雪佛龙","KMI":"金德尔摩根","XLE":"SPDR能源指数ETF","PXD":"先锋自然资源","PSX":"Phillips 66","XOM":"埃克森美孚"},"translate_title":"能量正在凝聚。如何用选项玩它。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MPC":0.9,"CVX":0.9,"SLB":0.9,"XOM":0.9,"COP":0.9,"PXD":0.9,"WMB":0.9,"XLE":0.9,"EOG":0.9,"KMI":0.9,"PSX":0.9},"content_text":"The energy market may soon deliver a hard lesson to a world that has grown accustomed to having what it wants whenever it wants it, and almost instantaneously.\nDemand seems to be exceeding supply, and that is creating imbalances in the oil and natural-gas markets. Commodities analysts have fretted about scarcity for months, and developments this past week have brought those concerns to the front of the market’s narrative. \n\nOil prices are surging. They are at multiyear highs. On Tuesday, when stock prices tumbled, and bond yields spiked, the energy sector demonstrated extraordinary strength. The Energy Select SPDR exchange-traded fund (ticker: XLE) rose 0.32%, which seems tiny until you compare it with the S&P 500 index’s more than 2% decline.\nMany of the ETF’s components surged sharply higher— Schlumberger (SLB), for instance, rose more than 2%. The sector’s bravado performance when the stock market was the weakest it has been in some time hasn’t gone unnoticed. Many investors will likely try to pick winners on the belief that a best-of-breed stock will outperform the entire sector.\n\nThe thinking is generally sound, but energy investing is a nuanced, often volatile and cyclical pursuit. It is arguably better to borrow a trick from the institutional trader’s playbook—buy an ETF, or options on an ETF, to get broad exposure to an investment theme.\nAn ETF trade offers immediate exposure to an investible theme. It provides investors time to do the necessary research to pick top stocks, or they simply own the ETF and ride whatever currents emerge.\nThe Energy Select SPDR ETF’s top 10 holdings include Exxon Mobil (XOM),Chevron (CVX),EOG Resources (EOG),ConocoPhillips (COP), Schlumberger,Marathon Petroleum (MPC),Pioneer Natural Resources (PXD),Kinder Morgan (KMI),Williams (WMB), and Phillips 66 (PSX). The stocks are a who’s who of the energy sector and provide broad exposure to rising energy prices.\nThe ETF is trading toward the top of the past year’s trading range, which is one reason why aggressive, risk-minded investors might want to consider using an options strategy in lieu of buying the fund. Options cost less money than the underlying equity, which means less money is at risk should something suddenly change the energy market’s dynamics.\nWith the ETF at $52.89, you could buy the December $55 call option for about $2.31. If XLE is at or above $57.31 at expiration—the strike price plus the premium—the trade is profitable. At $60, for instance, the call is worth $5. During the past 52 weeks, the ETF has ranged from $26.98 to $56.65. It is up 40% this year, compared with a 16% gain for the S&P 500.\nThe trade’s profitability is predicated on the ETF reaching a higher trading range, which could become a reality if the gloomy predictions about oil prices and supply prove true.\nInvestors who would buy XLE at a lower price might consider a “risk reversal” trade—selling a downside put option and buying an upside call. The strategy, a favorite of this column, often enables investors to profit from rallies for free in return for agreeing to buy a security at a lower price.\nWhere this will end is anyone’s guess. Options offer a way to rent exposure to the theme through the next three months, providing investors precious time to evaluate a market twist that is old news to some, and a threat and opportunity to others.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":865508759,"gmtCreate":1632995121580,"gmtModify":1632995121684,"author":{"id":"4094442182175710","authorId":"4094442182175710","name":"T0000025138","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"4094442182175710","authorIdStr":"4094442182175710"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/865508759","repostId":1130990623,"repostType":4,"repost":{"id":"1130990623","kind":"news","pubTimestamp":1632993577,"share":"https://www.laohu8.com/m/news/1130990623?lang=zh_CN&edition=full","pubTime":"2021-09-30 17:19","market":"us","language":"en","title":"Energy Is Rallying. How to Play It With Options.<blockquote>能源正在回升。如何用选项玩它？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130990623","media":"Barrons","summary":"The energy market may soon deliver a hard lesson to a world that has grown accustomed to having what","content":"<p>The energy market may soon deliver a hard lesson to a world that has grown accustomed to having what it wants whenever it wants it, and almost instantaneously.</p><p><blockquote>能源市场可能很快就会给这个世界上一个惨痛的教训，这个世界已经习惯于随时随地、几乎是瞬间就能得到它想要的东西。</blockquote></p><p> Demand seems to be exceeding supply, and that is creating imbalances in the oil and natural-gas markets. Commodities analysts have fretted about scarcity for months, and developments this past week have brought those concerns to&nbsp;the front of the market’s narrative. </p><p><blockquote>需求似乎超过了供应，这导致了石油和天然气市场的失衡。几个月来，大宗商品分析师一直担心商品短缺，过去一周的事态发展将这些担忧推到了市场叙事的前沿。</blockquote></p><p> Oil prices are surging. They are at multiyear highs. On Tuesday, when stock prices tumbled, and bond yields spiked, the energy sector demonstrated extraordinary strength. The&nbsp;Energy Select SPDR&nbsp;exchange-traded fund (ticker: XLE) rose 0.32%, which seems tiny until you compare it with the&nbsp;S&amp;P 500 index’s&nbsp;more than 2% decline.</p><p><blockquote>油价飙升。它们处于多年高点。周二，当股价暴跌、债券收益率飙升时，能源板块表现出了非凡的实力。Energy Select SPDR交易所交易基金（股票代码：XLE）上涨0.32%，如果与标准普尔500指数超过2%的跌幅相比，涨幅似乎很小。</blockquote></p><p> Many of the ETF’s components surged sharply higher—&nbsp;Schlumberger&nbsp;(SLB), for instance, rose more than 2%. The sector’s bravado performance when the stock market was the weakest it has been in some time hasn’t gone unnoticed. Many investors will likely try to pick winners on the belief that a best-of-breed stock will outperform the entire sector.</p><p><blockquote>该ETF的许多成分股大幅上涨，例如斯伦贝谢(SLB)上涨超过2%。当股市处于一段时间以来最疲软时，该行业的虚张声势表现并没有被忽视。许多投资者可能会试图挑选赢家，因为他们相信同类最佳的股票将跑赢整个行业。</blockquote></p><p> The thinking is generally sound, but energy investing is a nuanced, often volatile and cyclical pursuit. It is arguably better to borrow a trick from the institutional trader’s playbook—buy an ETF, or options on an ETF, to get broad exposure to an investment theme.</p><p><blockquote>这种想法总体上是合理的，但能源投资是一种微妙的、往往不稳定和周期性的追求。可以说，从机构交易者的剧本中借用一个技巧更好——购买ETF或ETF期权，以广泛接触投资主题。</blockquote></p><p> An ETF trade offers immediate exposure to an investible theme. It provides investors time to do the necessary research to pick top stocks, or they simply own the ETF and ride whatever currents emerge.</p><p><blockquote>ETF交易提供了对可投资主题的即时投资。它为投资者提供了时间进行必要的研究以选择顶级股票，或者他们只是拥有ETF并驾驭出现的任何潮流。</blockquote></p><p> The Energy Select SPDR ETF’s top 10 holdings include&nbsp;Exxon Mobil&nbsp;(XOM),Chevron&nbsp;(CVX),EOG Resources&nbsp;(EOG),ConocoPhillips&nbsp;(COP), Schlumberger,Marathon Petroleum&nbsp;(MPC),Pioneer Natural Resources&nbsp;(PXD),Kinder Morgan&nbsp;(KMI),Williams&nbsp;(WMB), and&nbsp;Phillips 66&nbsp;(PSX). The stocks are a who’s who of the energy sector and provide broad exposure to rising energy prices.</p><p><blockquote>Energy Select SPDR ETF的前10大持股包括埃克森美孚(XOM)、雪佛龙(CVX)、EOG Resources(EOG)、康菲石油(COP)、斯伦贝谢、马拉松石油(MPC)、先锋自然资源(PXD)、金德摩根(KMI)、威廉姆斯(WMB)和菲利普斯66(PSX)。这些股票是能源行业的名人录，并为能源价格上涨提供了广泛的风险敞口。</blockquote></p><p> The ETF is trading toward the top of the past year’s trading range, which is one reason why aggressive, risk-minded investors might want to consider using an options strategy in lieu of buying the fund. Options cost less money than the underlying equity, which means less money is at risk should something suddenly change the energy market’s dynamics.</p><p><blockquote>该ETF的交易价格接近去年交易区间的顶部，这也是激进、具有风险意识的投资者可能会考虑使用期权策略而不是购买该基金的原因之一。期权的成本低于标的股票，这意味着如果能源市场的动态突然发生变化，面临的风险会更少。</blockquote></p><p> With the ETF at $52.89, you could buy the December $55 call option for about $2.31. If XLE is at or above $57.31 at expiration—the strike price plus the premium—the trade is profitable. At $60, for instance, the call is worth $5. During the past 52 weeks, the ETF has ranged from $26.98 to $56.65. It is up 40% this year, compared with a 16% gain for the S&amp;P 500.</p><p><blockquote>ETF价格为52.89美元，您可以以约2.31美元的价格购买12月份55美元的看涨期权期权。如果XLE在到期时等于或高于57.31美元（执行价格加上溢价），则交易是有利可图的。例如，看涨期权的售价为60美元，价值5美元。在过去52周内，该ETF的波动范围为26.98美元至56.65美元。今年上涨了40%，而标普500的涨幅为16%。</blockquote></p><p> The trade’s profitability is predicated on the ETF reaching a higher trading range, which could become a reality if the gloomy predictions about oil prices and supply prove true.</p><p><blockquote>该交易的盈利能力取决于ETF达到更高的交易区间，如果对油价和供应的悲观预测被证明是真的，这可能会成为现实。</blockquote></p><p> Investors who would buy XLE at a lower price might consider a “risk reversal” trade—selling a downside put option and buying an upside call. The strategy, a favorite of this column, often enables investors to profit from rallies for free in return for agreeing to buy a security at a lower price.</p><p><blockquote>以较低价格购买XLE的投资者可能会考虑“风险逆转”交易——卖出下行看跌期权并买入上行看涨期权。该策略是本专栏最喜欢的策略，通常使投资者能够免费从反弹中获利，以换取同意以较低价格购买证券。</blockquote></p><p> Where this will end is anyone’s guess. Options offer a way to rent exposure to the theme through the next three months, providing investors precious time to evaluate a market twist that is old news to some, and a threat and opportunity to others.</p><p><blockquote>谁也说不准这一切会在哪里结束。期权提供了一种在未来三个月内获得该主题敞口的方式，为投资者提供了宝贵的时间来评估市场扭曲，这对一些人来说是旧闻，对另一些人来说是威胁和机遇。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Energy Is Rallying. How to Play It With Options.<blockquote>能源正在回升。如何用选项玩它？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEnergy Is Rallying. How to Play It With Options.<blockquote>能源正在回升。如何用选项玩它？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-30 17:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The energy market may soon deliver a hard lesson to a world that has grown accustomed to having what it wants whenever it wants it, and almost instantaneously.</p><p><blockquote>能源市场可能很快就会给这个世界上一个惨痛的教训，这个世界已经习惯于随时随地、几乎是瞬间就能得到它想要的东西。</blockquote></p><p> Demand seems to be exceeding supply, and that is creating imbalances in the oil and natural-gas markets. Commodities analysts have fretted about scarcity for months, and developments this past week have brought those concerns to&nbsp;the front of the market’s narrative. </p><p><blockquote>需求似乎超过了供应，这导致了石油和天然气市场的失衡。几个月来，大宗商品分析师一直担心商品短缺，过去一周的事态发展将这些担忧推到了市场叙事的前沿。</blockquote></p><p> Oil prices are surging. They are at multiyear highs. On Tuesday, when stock prices tumbled, and bond yields spiked, the energy sector demonstrated extraordinary strength. The&nbsp;Energy Select SPDR&nbsp;exchange-traded fund (ticker: XLE) rose 0.32%, which seems tiny until you compare it with the&nbsp;S&amp;P 500 index’s&nbsp;more than 2% decline.</p><p><blockquote>油价飙升。它们处于多年高点。周二，当股价暴跌、债券收益率飙升时，能源板块表现出了非凡的实力。Energy Select SPDR交易所交易基金（股票代码：XLE）上涨0.32%，如果与标准普尔500指数超过2%的跌幅相比，涨幅似乎很小。</blockquote></p><p> Many of the ETF’s components surged sharply higher—&nbsp;Schlumberger&nbsp;(SLB), for instance, rose more than 2%. The sector’s bravado performance when the stock market was the weakest it has been in some time hasn’t gone unnoticed. Many investors will likely try to pick winners on the belief that a best-of-breed stock will outperform the entire sector.</p><p><blockquote>该ETF的许多成分股大幅上涨，例如斯伦贝谢(SLB)上涨超过2%。当股市处于一段时间以来最疲软时，该行业的虚张声势表现并没有被忽视。许多投资者可能会试图挑选赢家，因为他们相信同类最佳的股票将跑赢整个行业。</blockquote></p><p> The thinking is generally sound, but energy investing is a nuanced, often volatile and cyclical pursuit. It is arguably better to borrow a trick from the institutional trader’s playbook—buy an ETF, or options on an ETF, to get broad exposure to an investment theme.</p><p><blockquote>这种想法总体上是合理的，但能源投资是一种微妙的、往往不稳定和周期性的追求。可以说，从机构交易者的剧本中借用一个技巧更好——购买ETF或ETF期权，以广泛接触投资主题。</blockquote></p><p> An ETF trade offers immediate exposure to an investible theme. It provides investors time to do the necessary research to pick top stocks, or they simply own the ETF and ride whatever currents emerge.</p><p><blockquote>ETF交易提供了对可投资主题的即时投资。它为投资者提供了时间进行必要的研究以选择顶级股票，或者他们只是拥有ETF并驾驭出现的任何潮流。</blockquote></p><p> The Energy Select SPDR ETF’s top 10 holdings include&nbsp;Exxon Mobil&nbsp;(XOM),Chevron&nbsp;(CVX),EOG Resources&nbsp;(EOG),ConocoPhillips&nbsp;(COP), Schlumberger,Marathon Petroleum&nbsp;(MPC),Pioneer Natural Resources&nbsp;(PXD),Kinder Morgan&nbsp;(KMI),Williams&nbsp;(WMB), and&nbsp;Phillips 66&nbsp;(PSX). The stocks are a who’s who of the energy sector and provide broad exposure to rising energy prices.</p><p><blockquote>Energy Select SPDR ETF的前10大持股包括埃克森美孚(XOM)、雪佛龙(CVX)、EOG Resources(EOG)、康菲石油(COP)、斯伦贝谢、马拉松石油(MPC)、先锋自然资源(PXD)、金德摩根(KMI)、威廉姆斯(WMB)和菲利普斯66(PSX)。这些股票是能源行业的名人录，并为能源价格上涨提供了广泛的风险敞口。</blockquote></p><p> The ETF is trading toward the top of the past year’s trading range, which is one reason why aggressive, risk-minded investors might want to consider using an options strategy in lieu of buying the fund. Options cost less money than the underlying equity, which means less money is at risk should something suddenly change the energy market’s dynamics.</p><p><blockquote>该ETF的交易价格接近去年交易区间的顶部，这也是激进、具有风险意识的投资者可能会考虑使用期权策略而不是购买该基金的原因之一。期权的成本低于标的股票，这意味着如果能源市场的动态突然发生变化，面临的风险会更少。</blockquote></p><p> With the ETF at $52.89, you could buy the December $55 call option for about $2.31. If XLE is at or above $57.31 at expiration—the strike price plus the premium—the trade is profitable. At $60, for instance, the call is worth $5. During the past 52 weeks, the ETF has ranged from $26.98 to $56.65. It is up 40% this year, compared with a 16% gain for the S&amp;P 500.</p><p><blockquote>ETF价格为52.89美元，您可以以约2.31美元的价格购买12月份55美元的看涨期权期权。如果XLE在到期时等于或高于57.31美元（执行价格加上溢价），则交易是有利可图的。例如，看涨期权的售价为60美元，价值5美元。在过去52周内，该ETF的波动范围为26.98美元至56.65美元。今年上涨了40%，而标普500的涨幅为16%。</blockquote></p><p> The trade’s profitability is predicated on the ETF reaching a higher trading range, which could become a reality if the gloomy predictions about oil prices and supply prove true.</p><p><blockquote>该交易的盈利能力取决于ETF达到更高的交易区间，如果对油价和供应的悲观预测被证明是真的，这可能会成为现实。</blockquote></p><p> Investors who would buy XLE at a lower price might consider a “risk reversal” trade—selling a downside put option and buying an upside call. The strategy, a favorite of this column, often enables investors to profit from rallies for free in return for agreeing to buy a security at a lower price.</p><p><blockquote>以较低价格购买XLE的投资者可能会考虑“风险逆转”交易——卖出下行看跌期权并买入上行看涨期权。该策略是本专栏最喜欢的策略，通常使投资者能够免费从反弹中获利，以换取同意以较低价格购买证券。</blockquote></p><p> Where this will end is anyone’s guess. Options offer a way to rent exposure to the theme through the next three months, providing investors precious time to evaluate a market twist that is old news to some, and a threat and opportunity to others.</p><p><blockquote>谁也说不准这一切会在哪里结束。期权提供了一种在未来三个月内获得该主题敞口的方式，为投资者提供了宝贵的时间来评估市场扭曲，这对一些人来说是旧闻，对另一些人来说是威胁和机遇。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/energy-is-rallying-how-to-play-it-with-options-51632990601?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EOG":"依欧格资源","COP":"康菲石油","WMB":"威廉姆斯","SLB":"斯伦贝谢","MPC":"马拉松原油","CVX":"雪佛龙","KMI":"金德尔摩根","XLE":"SPDR能源指数ETF","PXD":"先锋自然资源","PSX":"Phillips 66","XOM":"埃克森美孚"},"source_url":"https://www.barrons.com/articles/energy-is-rallying-how-to-play-it-with-options-51632990601?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130990623","content_text":"The energy market may soon deliver a hard lesson to a world that has grown accustomed to having what it wants whenever it wants it, and almost instantaneously.\nDemand seems to be exceeding supply, and that is creating imbalances in the oil and natural-gas markets. Commodities analysts have fretted about scarcity for months, and developments this past week have brought those concerns to the front of the market’s narrative. \n\nOil prices are surging. They are at multiyear highs. On Tuesday, when stock prices tumbled, and bond yields spiked, the energy sector demonstrated extraordinary strength. The Energy Select SPDR exchange-traded fund (ticker: XLE) rose 0.32%, which seems tiny until you compare it with the S&P 500 index’s more than 2% decline.\nMany of the ETF’s components surged sharply higher— Schlumberger (SLB), for instance, rose more than 2%. The sector’s bravado performance when the stock market was the weakest it has been in some time hasn’t gone unnoticed. Many investors will likely try to pick winners on the belief that a best-of-breed stock will outperform the entire sector.\n\nThe thinking is generally sound, but energy investing is a nuanced, often volatile and cyclical pursuit. It is arguably better to borrow a trick from the institutional trader’s playbook—buy an ETF, or options on an ETF, to get broad exposure to an investment theme.\nAn ETF trade offers immediate exposure to an investible theme. It provides investors time to do the necessary research to pick top stocks, or they simply own the ETF and ride whatever currents emerge.\nThe Energy Select SPDR ETF’s top 10 holdings include Exxon Mobil (XOM),Chevron (CVX),EOG Resources (EOG),ConocoPhillips (COP), Schlumberger,Marathon Petroleum (MPC),Pioneer Natural Resources (PXD),Kinder Morgan (KMI),Williams (WMB), and Phillips 66 (PSX). The stocks are a who’s who of the energy sector and provide broad exposure to rising energy prices.\nThe ETF is trading toward the top of the past year’s trading range, which is one reason why aggressive, risk-minded investors might want to consider using an options strategy in lieu of buying the fund. Options cost less money than the underlying equity, which means less money is at risk should something suddenly change the energy market’s dynamics.\nWith the ETF at $52.89, you could buy the December $55 call option for about $2.31. If XLE is at or above $57.31 at expiration—the strike price plus the premium—the trade is profitable. At $60, for instance, the call is worth $5. During the past 52 weeks, the ETF has ranged from $26.98 to $56.65. It is up 40% this year, compared with a 16% gain for the S&P 500.\nThe trade’s profitability is predicated on the ETF reaching a higher trading range, which could become a reality if the gloomy predictions about oil prices and supply prove true.\nInvestors who would buy XLE at a lower price might consider a “risk reversal” trade—selling a downside put option and buying an upside call. The strategy, a favorite of this column, often enables investors to profit from rallies for free in return for agreeing to buy a security at a lower price.\nWhere this will end is anyone’s guess. Options offer a way to rent exposure to the theme through the next three months, providing investors precious time to evaluate a market twist that is old news to some, and a threat and opportunity to others.","news_type":1,"symbols_score_info":{"MPC":0.9,"CVX":0.9,"SLB":0.9,"XOM":0.9,"COP":0.9,"PXD":0.9,"WMB":0.9,"XLE":0.9,"EOG":0.9,"KMI":0.9,"PSX":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":20,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}