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Energy outpaces global benchmarks
Traditional energy stocks have delivered strong returns amid a difficult start to the year for the broader stock market. See the yellow and orange lines on the chart. As the West seeks to wean off Russian energy, greater demand for non-Russian fossil fuels has pushed up prices, leading investors to expect higher profits from energy producers. Clean energy stocks have also outperformed the broad market since Russia invaded Ukraine (green line) as markets see the drive for energy security, particularly in Europe, as a positive for renewables.
Traditional and renewable
Past performance is not a reliable indicator of current or future results. Indexes are unmanaged and do not account for fees. It is not possible to invest directly in an index. Sources: BlackRock Investment Institute, with data from Refinitiv Datastream, April 2022. Notes: The chart shows the total return index for the MSCI World Energy Index, MSCI World Equity Index and S&P Global Clean Energy Index, rebased to 100 at the start of January 2022.
Sustained high fossil fuel prices act like a carbon tax on consumers. Europe now spends over 9% of its GDP on energy, the highest share since 1981. Even before fuel prices surged, wind and solar power were competitive with fossil fuels. Renewables have become even more competitive now that fuel prices are even higher. This should spur Europe toward renewables and electrification. Bottom line: The effective stranding of Russian fossil fuel supply has created investment needs in both traditional energy and renewables.
Nicholas Fawcett
Macro Research
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