Energy was the S&P 500’s worst-performing sector each of the past two years—and so far, 2020 isn’t looking any better.

The group has dropped 8.3% this month, on pace for its worst January since 2008. That is by far the weakest performance of the 11 sectors in the S&P 500 and compares with a gain of 1.6% for the index as a whole.

The…

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