Oil continues to recover, gaining about 25% since the beginning of the year, while the S&P energy sector has been flat since the beginning of the year. Shale producers have lagged the broad energy sector, with the unconventional drilling ETF FRAK up just 13% year to date, about half as much as the oil price and less than the energy sector as a whole.

Read more: Why don’t US oil stocks rise with oil?

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