DINO - Equity bears come for the oil patch

In 2022, energy investors have been largely spared from broader equity market (SPY) weakness, as US energy companies (NYSEARCA:XLE) rallied ~50% on the year, through Friday's close. However, in early trading Monday the sector led the market lower. The broad index of energy stocks (XLE) fell by over 6%, on pace for its worst trading day of the year and weakest performance since falling 9.4% on June 11th 2020. US natural gas prices (NYSEARCA:UNG) are leading the energy commodity complex lower, with Henry Hub (NG1:COM) down 9% on the day and ~18% from highs reached late last week. Oil prices (NYSEARCA:USO) were weaker Monday as well, with WTI (CL1:COM) down ~6% in early trading, as news over the weekend pointed to reduced EU / Russia oil sanctions. Conversely, seaborne thermal coal reached a recent high, trading around $380/t overnight in Asia (BTU).  Small cap energy names were hit hardest, with Laredo (LPI)

For further details see:

Equity bears come for the oil patch