The Energy sector (XLE) has been in a vicious downtrend for over a year and in relative terms (vs the S&P500) it has been underperforming since 2008 when WTI peaked at $150/barrel. There has been a notable divergence between energy equities and oil prices over the last three years (oil prices bottomed in 2016, while energy stocks are at new lows currently), however apart from the majors, many companies still struggle financially and traditional valuation measures are not flashing "buy" as cashflow (at least cashflow of the "free" variety) remains scarce. This is