Wednesday, November 14, 2018

Energy stocks approach 15-year low relative to S&P 500

U.S. energy stocks have gone from bad to worse during an unprecedented decline in oil prices. The share-price ratio between the Energy Select Sector SPDR and SPDR S&P 500 exchange-traded funds closed Tuesday at its lowest level since December 2003, according to data compiled by Bloomberg. The shares’ weakness points to potentially much greater downside for crude,” Callum Thomas, founder and head of research at Topdown Charts, wrote in a blog post Monday with a similar chart. Oil futures have fallen for the past 12 trading days, the longest streak ever, in New York trading.

No comments:

Post a Comment