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The Great Decoupling of Energy Stocks From Oil Creates Carnage

  • Biggest underperformance since the start of shale revolution
  • Chevron has been the best performer among oil majors in 2019
Chevron social
Photographer: Daniel Acker/Bloomberg

This year has been one of moderate gains for the price of oil, but it has been bleak for producers.

West Texas Intermediate crude is heading for an annual increase of more than 30%, but the best performance among the global oil majors has been Chevron Corp., which has posted a gain of just 10%. The S&P 500 Energy Index has almost entirely decoupled from oil in 2019 and is on course to underperform crude by the most since the shale revolution began a decade ago.