Spread: Oil & Gas Sector (EUR)

Profile: European Oil & Gas sector versus broader market.

Spread: relative performance of Y versus “Z” A rising chart means “Y” is outperforming “Z”. The spread says nothing about the absolute performance of either “Y” or “Z”.

The Energy sector has been performing relatively well since Q3 2017. More outperformance versus the broader market is expected. Various underlying stocks continue to offer buying opportunities, especially within the sub-sector Exploration&Services. Vopak, Fugro, SBM Offshore and Saipem are the biggest potentials. Oil Majors are a decent second choice.

  • Outlook: outperformance
  • Strategy: overweight sector, long-exposure in the sector/stocks

Spread: European Oil & Gas sector versus ESTX50