Oil Stocks Are Showing A Peculiar Disconnect From Crude Prices

Oil stocks have continued to show a peculiar disconnect from the commodity they track, with oil equities staging a powerful rally even as oil prices have fallen sharply since the last OPEC meeting. Over the past two months, the energy sector’s leading benchmark, the Energy Select Sector SPDR Fund (NYSEARCA: XLE), has climbed 34% while average crude spot prices have declined 18%. XLE now boasts a 61.2% return in the year-to-date, the best of any U.S. market sector.  According to Bespoke Investment Group via the Wall Street Journal, the…