Oil prices slipped back below $100 this week, and Diamondback Energy (NASDAQ: FANG) shareholders felt every bit of it. The Permian Basin producer now trades about 11% below its September high. The sharpest blow came on Sept. 16, when FANG fell roughly 8% in one session.
The prevailing sentiment is that cooling crude means cooling oil stocks. Investors are treating a resolution between the United States and Iran as the end of the energy trade. But that's not the entire story.
