Once Stalwart Oil Stock Bulls Starting to Say Enough Is Enough
- ETF investors selling energy for first time since late 2014
- Equity underperformance much worse than decline in crude price
MercBloc's Dicker Says Negativity Controls Oil Market
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Investors are pulling money out of exchange-traded funds tracking oil producers for the first time in two years, reversing a pattern in which price declines were invariably met with buying.
Capitulation is in the air as energy stocks post the worst start of a year on record relative to the market. The industry’s weighting in the S&P 500 Index has dwindled to the smallest since 2004.