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Energy led the sectors as refiners outran Exxon

Marathon, Valero and Phillips 66 outran Exxon as the energy fund rose 1.9% on Thursday, October 1, 2026, the best of the eleven sectors, while health care fell 1.3%.

· 2 min read · ETF.net Research

A large industrial oil refinery facility sits by the water under a bright blue, cloudy sky.

Key takeaways

  • The biggest holdings in the energy fund lagged the fund.
  • Crude rose faster than the fund that holds the majors.
  • Hormuz is moving crude again, but not the refined barrels.
  • The names that dragged health care were not the distributors.

Energy led the eleven sectors on Thursday, and the lead belonged to the refiners rather than the oil majors. XLE, the fund that holds the S&P 500's energy companies, rose 1.9%. Health care was the worst: XLV, which holds that index's health care companies, fell 1.3%. SPY, the fund that holds the S&P 500, still gained 0.2%.

Energy led all eleven sectors; health care finished last

Sector ETFs, total return, Thursday, October 1, 2026

  • Energy+1.9%
  • Technology+1.1%
  • Industrials+1.0%
  • Utilities+0.6%
  • Financials+0.1%
  • Consumer Discretionary−0.01%
  • Consumer Staples−0.3%
  • Materials−0.3%
  • US Real Estate−0.5%
  • Communication Services−0.9%
  • Health Care−1.3%

Five rose, six fell: a 3.2-point spread from first to last.

Refiners did the pulling

Marathon Petroleum, Valero and Phillips 66 are about 14% of XLE, and they added 0.7 percentage points to the day's gain. Exxon and Chevron, about 42% of the fund, added 0.4 percentage points between them.

Marathon, Valero and Phillips outran Exxon and Chevron

Total return, Thursday, October 1, 2026

  • Marathon+6.3%
  • Valero+5.4%
  • Phillips+3.5%
  • XLE+1.9%
  • Chevron+1.4%
  • Exxon+0.7%

All three refiners beat the energy fund; both majors lagged it.

At 4:25 p.m. Eastern, Brent crude was at $102.37 a barrel, up 4.4% on the day, and WTI was at $92.93, up 2.8%. Exxon and Chevron lagged both. Marathon and Valero rose more than either crude, and the energy fund, weighted toward the majors, rose less than crude.

Kpler data published Wednesday showed crude shipments through the Strait of Hormuz back to a seven-day average of 13.5 million barrels a day as of Monday, September 28, matching Kpler's prewar baseline. Refined products were 677,000 barrels a day, against 3.6 million before the war. The split makes sense if the day was about fuel that has not come back, rather than crude that has.

Gasoline futures were at $3.40 a gallon at 4:36 p.m. Eastern, up 4.3% on the day. Heating-oil futures, the diesel contract, were at $4.63 at 4:37 p.m., down 1.3%. The refining stocks rose anyway.

The Institute for Supply Management said the prices manufacturers pay jumped to 77.9 in September from 71.1 in August, driven by steel, aluminum, tariffs and petroleum-based products. It tied the petroleum increase to the Middle East conflict.

Reuters reported that Chinese refiners have suspended oil-product exports beyond Hong Kong and Macau, four people briefed on the matter said. Three of those sources said PetroChina canceled a handful of gasoline and jet-fuel cargoes planned for October.

Where health care fell

Johnson & Johnson, Thermo Fisher, Amgen and Danaher accounted for 0.6 percentage points of the decline in XLV. Drug distributors moved the other way.

McKesson jumped as Danaher, Amgen and Thermo Fisher fell

Total return, Thursday, October 1, 2026

  • McKesson+5.3%
  • Cardinal+3.7%
  • Cencora+3.2%
  • J&J−2.3%
  • Thermo Fisher−3.3%
  • Amgen−3.4%
  • Danaher−4.4%

The three distributors rose; the four named losses did not.

After the holiday

Reuters' sources said it was not clear whether Chinese fuel exports would resume after Golden Week ends on Wednesday, October 7. Crude through Hormuz is already back. The refined barrels are not.

ETFs in this story

AXLEState Street Energy Select Sector SPDR ETF80/100AXLVState Street Health Care Select Sector SPDR ETF85/100ASPYState Street SPDR S&P 500 ETF72/100

Frequently asked questions

How much did the energy fund rise?

It rose 1.9% on Thursday, the best of the eleven sectors.

Which refiners outran Exxon?

Marathon, Valero and Phillips 66 added 0.7 percentage points to the gain, while Exxon and Chevron added 0.4 between them.

Has crude through the Strait of Hormuz recovered?

Crude shipments were back to 13.5 million barrels a day, matching the prewar baseline, while refined products were 677,000 barrels a day against 3.6 million before the war.

Which stocks dragged health care lower?

Johnson & Johnson, Thermo Fisher, Amgen and Danaher accounted for 0.6 percentage points of the decline, while drug distributors moved the other way.

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