(Premium) Energy Sector Update – June

After being the best performing sector in 2021 and 2022, Energy has been the worst of the risk-on sectors this year. Somehow, they’ve managed to underperform even the Financials, where we’ve dealt with the some of the largest bank failures of all-time. That’s quite the accomplishment when you think about it – especially since we’ve hear relatively little about fundamental stress within the sector.

Sure, oil prices have declined quite a bit from last year’s peak levels, but earnings for the group are still quite healthy and payouts are more shareholder friendly than they’ve been in years. The fundamental story hasn’t changed all that much, but the technical picture began to weaken in December.

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