Energy stocks led 2022 in sector gains but are falling in start to 2023

Yahoo Finance's Jared Blikre breaks down how energy stocks are performing two days into 2023.

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JARED BLIKRE: Well, let's take a look here. We got XLE, as Seana just pointed out. That's the only sector in the red today. Let me just show you quickly the two-day performance since we're two days into the new year. You can see XLE down 3.6%. We did get a little downdraft today on the FOMC minutes.

Typically, they're not going to have an outsized effect, but it does affect the demand picture potentially. I think another month or so, we're going to see more action from OPEC+, and we're also going to see China, the full reopening of them. It's probably going to be one of the dominant themes going into the new year here.

Now, XLE over the last year by far the biggest market gainer. That's up 42%. And let's just take a look inside the energy stocks, energy market, so we can see what's happening on the inside Exxon up 61 and 1/2% over the last year. CV, Chevron up 40%. Schlumberger, 55%. But one of the standouts is Occidental Petroleum. We know that's a Warren Buffett favorite. That's up over 80% over the last year, really just trading sideways over the last, but looks about nine months there.

Want to close here with a look at the futures market because we have seen-- and this is going to be on an intraday basis-- crude oil having the worst two-day slump in several months here. This is over the last year. And you see crude oil, WTI, a little bit underwater over the last year. So really interesting. It's been a steady, steady, slow slog down. Not any shocks that I could remember over the last nine months or so. Nevertheless, we're going to have to see what the new year brings. Lots of new factors. And with that, send it back to you, Dave.