Relative strength “shown as Exxon and Chevron divided by the S&P 500, indicates that over the past few months, the two companies are doing no worse (and no better) than the broader market. That halts a trend in place since the start of 2012. One possible reason: Exxon and Chevron probably are able to maintain — and perhaps even increase — their dividend payouts amid an industry that’s too cash starved to do that,” reports Bloomberg.

The low oil environment may persist as the Organization of Petroleum Exporting Countries projects demand for its crude to remain lower in 2020 than in 2016 as rivals remain resilient despite the depressed prices.

Additionally, supply could rise ahead as Iran is expected to pump 500,000 barrels per day of crude into global markets this year.

Energy Select Sector SPDR