Falling Oil Prices Aren't Deterring European Energy Stock Bulls
- Gap between equities and crude grows amid industry cutbacks
- Brent trades near three-month low as stockpiles expand
Oil and Gas Outlook: What's Ahead in 2016?
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The cost-cutting campaign among European energy companies is paying off: Investors are buying up their shares even as oil prices drop.
Oil and gas producers in the Stoxx Europe 600 Index have rallied almost twice as much as the broader gauge since their September low, becoming some of traders’ favorite shares. That’s sent their valuation to a 10-year high relative to Brent crude, which fell below $45 a barrel.