Energy Goes From First to Worst as Week’s S&P 500 Laggards
- Oil, gas equipment and services shares following crude
- KeyBank sees scope for oil drop to $80 per barrel, from $103
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Energy’s high-octane stock performance of the past year is beginning to sputter. The strongest sector in the S&P 500 Index since the beginning of 2021 is on pace to be the weakest industry group this week.
Oil and gas equities are down 3.7% since Friday’s close, the sole decliner among the index’s 11 groups, even after rallying Thursday as crude surged with Russia casting doubt on the progress of peace talks with Ukraine.