Concerns over spikes in COVID-19 cases weighed on energy sentiment in June. As global crude supply remains muted, further recovery in oil prices hinges on the return of demand in the U.S., the world’s largest energy consumer.

Crude flat as energy market seeks direction | How passive investing impacts the midstream sector

The energy sector started off 2020 with a volatile January. Crude prices fell 15.6%, their worst month since May 2019. The Wuhan coronavirus roiled commodity markets in January. Impacts on demand have already been significant.

The energy sector continued its rocky start to 2020. Crude prices continued to fall and now sit 27% lower than at the start of the year. Uncertainty has taken over markets, presenting challenging headwinds for commodities and energy markets.

Energy markets fall as economic uncertainty intensifies | Crude oil: Two steps forward, two steps back

Large-cap energy gained while the midstream sector sold off in November. Energy valuations appear relatively cheap heading into 2020.

Leveraged credit rises in September | Fundamentals and technicals balanced for now

Leveraged credit was mixed in October | High-rated credit continues to outperform

Leveraged credit rose in November, with loans outperforming HY Bonds. The duration-sensitive Barclays Agg was unable to recover from an early-month rate spike, ending down slightly on the month.

Steps to reopen the economy and progress toward a COVID-19 vaccine created an optimistic sentiment for much of the month, as HY Bonds, Senior Secured Loans and structured products posted strong returns. Interest rates remained relatively rangebound and the duration-sensitive Barclays Agg had a slight gain.