Oil prices have plunged 20% since July 2024, leaving energy bulls bruised and battered, desperately trying to figure out, as the proverbial saying goes: “What the hell is going?”. Let’s dive into it immediately with the whats, hows and whys.
1. Oil Price Decline
- Current Trend: Since early July 2024, both Brent and WTI crude oil prices have fallen by 20%.
- Historical Low: Prices are now at their lowest levels since late 2021.
- Stock Performance: Over the last 12 months, the MSCI World Energy Index, which tracks energy stocks, has returned zero gains to investors.
2. Possible Explanations for the Price Drop
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