An oil derrick pumps crude in Luling, Texas, U.S. (Photo by Dave Creaney/Anadolu Agency via Getty … [+] Images)
Anadolu Agency via Getty Images
The pummeling received by the oil market in 2020 and a subsequent slump in the valuations of energy stocks is well documented. As the Covid-19 global pandemic triggered an economic downturn – following national lockdowns, curbs on mobility and lower consumer confidence – crude oil prices took an inevitable beating.
Few imagined the general economic and social malaise would plunge oil prices into negative territory, but it briefly did on April 20, 2020. That didn’t last long; and WTI futures ended the year down 21% on levels recorded on