The energy sector of the commodities asset class fell 12.9% in Q3 2024 and was 3.8% lower over the first nine months of this year. In my mid-July Barchart article on the energy sector in Q2, I concluded:
The ongoing wars in Ukraine and the Middle East will impact the traditional energy sector over the second half of 2024. Any escalation could ignite substantial rallies as OPEC+ continues to dominate global pricing. The Chinese economy is critical for the path of least resistance of prices. If China emerges from its economic malaise, increasing energy demand would support higher prices. Meanwhile, the November U.S. election will determine energy policy over the coming years.
