In 2023, the energy sector has shifted noticeably lower. Following gains of over 54% in 2021 and 65% in 2022, the performance of the S&P 500 energy sector ($SREN) this year has been largely negative, and the sector is currently off 5% for 2023.
This downturn is primarily due to lower oil prices; amid lingering concerns around global energy demand and potential oversupply, January-dated crude futures (CLF24) recently dipped below $70 per barrel before recovering.
