The energy sector finished the second quarter as the second worst performer among U.S. market sectors, posting a -4.5% return compared to a 4.6% gain by the S&P 500 as oil demand fears dominated for most of the term. The energy sector has now slipped to 4th in year-to-date sector rankings with an 8.6% return compared to a 15.5% gain by the broad-market benchmark. Thankfully, the oil price rally is back on track with the September Brent contract climbing to 86.
Related Shell Begins Perdido Evacuation As Hurricane Beryl Threatens Operations Well, StanChart was recently vindicated, with April gasoline demand turning out to be at a two-month low rather than a two-decade low. On 28 June, the EIA published its Petroleum Supply Monthly PSM Report that contained large upward revisions for gasoline, distillates mainly diesel and jet fuel. The y/y demand changes were revised to -1.5% from -4.1% for gasoline, to -2.0% from -9.2% for distillates and to 5.
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