The set-up is a sharp contrast to 2022, when energy stocks were outperforming oil and the broader market. The stock market’s new darlings may be at least partly to blame as the artificial intelligence-themed investing craze has sent stocks such as Nvidia Corp. sharply higher this year.
Some of the divergence can also be traced to the struggles at specific large-capitalization oil stocks, such as Chevron Corp., which accounts for 17 per cent of the S&P 500 energy index. The stock has fallen more than seven per cent year to date, weighed down by concerns over a strike at a major liquefied natural gas project in Australia and disappointing production growth.
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