(Bloomberg) -- Energy bulls are full of frustration as oil prices fall amid fading hopes of a meaningful supply cut. Saudi Arabia’s energy minister said earlier that output cuts of 1 million barrels a day from OPEC and its allies were adequate enough to balance the market.
As investors await a final decision, the S&P 500 Energy Index fell as much as 3.7 percent, to the lowest intraday since September 2017. Analysts from Houston-based Tudor, Pickering, Holt & Co. said earlier the early outcome is “about as clear as mud, but we’re calling it disappointing.”
Broader stock laggards included offshore-driller Ensco PLC which fell as much as 12 percent intraday and shale producer Cimarex Energy Co., down 8 percent. Additionally, Sanchez Energy Corp. plunged 68 percent to a record low after hiring an adviser to explore strategic alternatives.
In a bearish outcome, Cowen told clients earlier this week the firm views integrated oil, coastal refiners and some large cap E&Ps as best positioned. That list of stocks included Chevron Corp. and Anadarko Petroleum Corp.
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