The end of a year is often marked by key events, in some cases of drama, in oth­ers of default. This year was another disappointing year for energy through the end of October. However, with the start of November came a positive U.S. new jobs report, sparking a 3.7% rebound in West Texas Intermediate (WTI) to $56.20 per bar­rel and lifting at least momentarily the gloom over global oil demand.

But for much of 2019, sentiment was poor, with the S&P Oil & Gas Exploration ETF badly trailing both the broader market and crude prices.

Observers were sometimes left scratching their heads.

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