Market commentary

Energy ended the year on a high note but still endured one of its worst years on record in 2020.

Vaccine-fueled optimism drove credit markets steadily higher throughout December.

Credit rallied amid broad market strength in November on news of multiple potentially viable COVID-19 vaccines.

Despite the rally, there still appears to be room to run for energy heading into 2021.

Credit markets remained positive in October, despite experiencing weakness during the last week of the month alongside a sell-off in equities.

Equity markets declined for the second straight month amid the ongoing pandemic and lack of U.S. fiscal stimulus, as a new surge in coronavirus cases has put a damper on the energy demand recovery.