"The last 72 hours have not been good for the prospects for the...

"The last 72 hours have not been good for the prospects for the global economy, and therefore for the price of oil....". I agree. But you can't get big changes without disruption, and China having its free run ended is a big change. [The Brits might as well go into a no-deal Brexit at the same time - two disruptions for the price of one.]

SXY has some oil, so it will be affected by the global oil price, but its main prospects are in gas for the east-coast market which is a local market with local prices. Methinks SXY is a good place to be.