The energy sector has been a disaster zone this year, as the coronavirus pandemic has decimated global oil demand. West Texas Intermediate, the benchmark U.S. crude, has plummeted nearly 70% to a recent $19.21 a barrel, while Brent, the most popular international benchmark, is down 60%, to $26.34.
Most oil and gas producers, including the majors, will lose money in 2020 or barely eke out a profit, and most of those still paying dividends will have to borrow to cover the cost. As for energy stocks, they have made fools of their fans for nearly a decade, and now account for a measly 3% of the S&P 500 index.
Russia
Idiots, you don’t buy energy stocks in a deflationary environment.
Sell
I'm really hating these teaser posts.
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Source: BusinessInsider - 🏆 729. / 51 Read more »