Oil and Gas Price Falls Weigh on TotalEnergies as Sector Rotates
Antipodes Partners’ Q2 2026 investor letter pointed to strong global equity recovery, but noted energy-sector weakness. TotalEnergies SE underperformed as falling crude oil and natural gas prices lowered earnings expectations and cash-flow forecasts across the integrated energy sector, tied to easing geopolitical tensions. TotalEnergies closed at $85.83 on Aug. 7, 2026 and had a $190.44B market cap.