Ryan Issakainen and Eventual Recovery

First Trust Advisors: It on pace for the first monthly setback for the group since investors began pouring into the sector in October with an eye toward profiting from an eventual recovery in prices, according to Bloomberg. The thesis that oil is too cheap and it has to go higher maybe is not as compelling a case with oil at $60 as it was when it was at $42, said Ryan Issakainen, a strategist at First Trust Advisors LP in Wheaton, Illinois. More than $1.55 billion has been withdrawn this month from exchange-traded funds concentrated on energy stocks such as Exxon Mobil Corp. and Chevron Corp. Still, $5.4 billion remains of the new money invested in energy ETFs since the year began, suggesting that traders are trimming positions, not starting a rout. Oil closed Wednesday at $57.51. On May 1, energy ETF lost $475.8 million, days before U.S. crude closed at this year high of $60.93 a barrel on May 6, ending a 49-day rally from a six-year low of $43.46 on March 17. (news.financializer.com). As reported in the news.