ESV is trading near a 1 yr low. It is a good value at this point. However some risks include increase in supply of oil from Libya, economic slowdown, release of strategic oil reserves by the United States and its Allies to put pressure on Russia because of their Ukrainian actions. Likewise sanctions on Russia can back fire economically with Europe. Increased geo political risk would sure up oil speculation in the short run but might create a drag on the economy and also make it more likely that western countries will release more strategic oil reserves to cap oil prices. IEA short term forecasts had recenltly aimed their targets on oil prices a bit lower adding to the drag. However this is a good dividend paying that is now at a low in a relatively strong sector compared to frothy tech and bio tech sectors. Support around this current level suggests buyers and sellers are reluctant to change their opinion until the company earnings, despite recent market downturn. I currently hold a small position in this and this is not buy, hold, sell advice.