--- title: "U.S. oil fund down 11% in five sessions, WTI at $89.89" url: "https://etf.net/news/u-s-oil-fund-down-11-in-five-sessions-wti-at-89-89-2026-09-23" published_at: "2026-09-23T11:24:50.280Z" updated_at: "2026-09-23T11:24:50.280Z" byline: "ETF.net Research" --- # U.S. oil fund down 11% in five sessions, WTI at $89.89 Wednesday, September 23, 2026: West Texas Intermediate is at $89.89 a barrel, down 0.7%; the S&P 500 fund SPY is indicated 0.09% higher before the open. By ETF.net Research. Published Sep 23, 2026. The U.S. oil fund USO has fallen **11.0%** over five straight sessions through Tuesday, with the Strait of Hormuz still closed. Brent, the global barrel, is at $99.29 as of about 7 a.m. Eastern, barely changed overnight and **$9.40** above West Texas Intermediate. That spread began 2026 around $4 a barrel and peaked at **$25** on March 31 after the strait's de facto closure. Crude is still below $100. U.S. stock funds are not yet being forced to choose between technology funds coming off five straight gains and a financials fund that just had its heaviest volume in 20 sessions. The 9:45 a.m. surveys and a 10:05 a.m. speech from Governor Michael S. Barr can still force that choice. President Donald Trump told reporters in New York that U.S. and Iranian officials had just finished a three-hour meeting he called very good and very productive, with another session already scheduled. The fuller diplomatic account is in our overnight report, [Trump says U.S. envoys met Iranian officials for three hours as Tehran offers a seven-day Hormuz reopening](https://etf.net/news/trump-says-u-s-envoys-met-iranian-officials-for-three-hours-as-tehran-offers-a-seven-day-hormuz-reopening-2026-09-23). The oil price already had a version of that story in it: [Iran's offer to reopen Hormuz within seven days](https://etf.net/news/oil-falls-2-to-90-54-after-iran-offers-to-reopen-hormuz-2026-09-22) has not been matched by a reopening. ## Nasdaq higher, financials and energy not The Nasdaq-100 fund QQQ has now risen in five straight sessions, **6.1%** over that stretch, and the technology sector fund XLK has the same five-day winning run. Chart: The oil fund fell as the Nasdaq-100 **kept climbing** The Nasdaq Composite closed Tuesday at 27,244.28, up **0.45%**, a session the Associated Press described as a record, and the Nasdaq-100 gained 0.82%. The S&P 500 was unchanged at **7,764.64**. The Dow Jones Industrial Average fell 0.36% to 51,863.69. In extended hours QQQ is indicated 0.01% higher; the Russell 2000 fund IWM is indicated 0.31% lower. The financials sector fund XLF dropped **2.0%** on its heaviest volume in 20 sessions, the worst of the 11 SPDR sector funds. The energy sector fund XLE fell **1.1%** for a third straight decline. The materials sector fund XLB rose **1.6%**. Chart: Financials were the **worst** of the 11 sectors Among U.S.-listed ETFs, 3,451 closed up and 1,929 closed down, so the flat S&P 500 was a cap-weighted result, not a broad retreat. ## Flash PMIs, Barr, and oil inventories Japan is shut for the Autumnal Equinox. Asia was mixed and Europe is lower. S&P Global's flash eurozone composite PMI rose to **53.1** in September from 52.0 in August, its highest reading since April 2023. The U.S. flash surveys print at **9:45 a.m.** Eastern, covering manufacturing, services, and the composite. A U.S. reading that matches Europe's would sit uncomfortably next to last week's rate increase. The 10-year Treasury yield finished Tuesday at **4.96%**, with the 2-year at 4.71% and the 30-year at 5.29%. The long Treasury fund TLT was little changed. Those yields sit against a federal funds target range of **3.75% to 4%** after the Federal Open Market Committee's quarter-point increase on September 16, its first since 2023. The committee's median projection for year-end is **4.1%**, another quarter-point from here. Fed-funds futures still imply another hike is more likely than not at the October meeting. Governor Michael S. Barr speaks at **10:05 a.m.** on the economic outlook and housing at a Federal Reserve Bank of Chicago community-development summit. The Energy Information Administration's petroleum status report follows at **10:30 a.m.**, the inventory print the oil market still has to clear even if the diplomatic headlines stay friendly. Two large service companies report before the opening bell. Cintas, the uniform and facility-services company, is due to release fiscal 2027 first-quarter results, with analysts looking for **$1.35** a share on **$2.98 billion** of revenue and a webcast at 10:00 a.m. Paychex, the payroll and human-resources processor, is also due before the open, with estimates of **$1.32** a share on $1.63 billion of revenue and a call at 9:30 a.m. What would undo this morning's setup is not another quote from the United Nations hallway. It is a 9:45 a.m. survey that looks like Europe's 53.1, Barr talking housing as if another hike were already in view, or an inventory draw that puts $100 back in view while Hormuz is still shut. Technology funds can keep rising either way. Financials and energy funds cannot. Source: etf.net, https://etf.net/news/u-s-oil-fund-down-11-in-five-sessions-wti-at-89-89-2026-09-23. Please cite the page URL.