The energy sector had an impressive run this year thanks to soaring oil and gas prices exacerbated by Russia’s invasion of Ukraine. The S&P 500 Energy Sector Index gained 51.5% year-to-date.
However, oil prices have floundered recently amid prospects of a global recession, the Fed’s aggressive rate hikes, and weakening oil demand. Crude oil has dipped more than 11% over the past three months.
