From Schaeffer’s:
Coming off their first annual gain in three years in 2016, oil prices have spent the first half of 2017 making a series of lower lows. Based on August-dated crude futures’ current perch at $44.32 per barrel, oil is on track to close out the first half down more than 17%. Schaeffer’s Senior V.P. of Research Todd Salamone has stressed oil “as having a major vulnerability since late April,” and continues to advise avoiding “the energy space unless you are betting against the sector.” If history is any guide, the second half of the year could be more of the same for black gold and, by extension, energy shares — which have been some of the worst stocks to own over this time frame.