There may be little relief on the horizon for investors in U.S. energy companies...
NEW YORK - There may be little relief on the horizon for investors in U.S. energy companies, whose shares moved from darlings to dismal performers during Wall Street’s record bull run and now face a shaky global economy, doubts about fossil fuel investments and general market skepticism.
But this year, the energy sector has even failed to keep pace with oil prices, despite their traditional tendency to move in the same direction. Since the current bull run began on March 2009, the S&P 500, which many investors view as a proxy for the stock market, has soared well over 300%, while the energy sector has climbed 32%.Oil prices are up relatively little over the course of the bull market, which has largely overlapped with a U.S. economic expansion characterized by modest growth and with a boom in shale exploration that helped make the country the world’s top oil producer.
“Basically, they were destroying capital,” Hammond said. “It seems like this year has been the year when investors said: ‘Stop.’ “ Trump’s tariff battle against China is raising concerns about the economy. Indeed, falling long-dated yields in the U.S. Treasury market have inverted the yield curve, a warning sign that a recession could be looming. This could particularly hit energy stocks.
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