Barring a recovery rally of unprecedented magnitude, it seems certain 2020 will go down as one of the worst years ever for oil and gas stocks, up and down the energy value chain.

Fallout from the pandemic temporarily knocked the bottom out of demand for refined products and fuels and turned a strategic retreat by producers into a full-on rout. And wild campaign rhetoric alleging an impending ban on hydraulic fracturing certainly didn’t help investors’ fear factor.

As we head into the final weeks of 2020, however, the election is behind us and the green shoots of recovery are becoming unmistakable. First and foremost are growing signs of economic recovery that will accelerate as Covid vaccines hit the market and businesses and consumers begin to return to pre-pandemic behavior, i.e. more historically normal energy usage.