For much of 2018, investors probably thought they had a strong bet in the energy complex. But that bet badly turned sour in the final 60 days of the year. The spot energy index in the S&P Goldman Sachs Commodity Index (GSCI) gained 25 percent between January and October. But with the books closed on 2018, the index ended the year down 21 percent. The S&P GSCI “is a weighted average of commodity prices intended to reflect global commodity production quantities and futures contracts’ trading volumes,” according to the EIA . Energy was not the only commodities sub-sector in the GSCI index posting losses in 2018, just the worst-performing one. (Click to enlarge) Of course, that is largely just a reflection of the sharp decline in oil prices. But the share prices of most oil and gas companies are also largely based on oil price movements. So, the steep […]