Laggers you say compared to the others? Take a look below and you will see the best of the lot was SLB followed by BHI in 2nd place. Below are the current losses from the 52 week highs:
SLB -13% BHI -18% HAL -20% WFT -29%
The whole oil services sector has been knocked down off its recent highs. They will claw back once the economy picks up some steam and the weather gets colder. It is summer like in the Northeast as attested by Scorpio walking around in a tee shirt and sandals.
Remember, once the Arctic air blows downward onto the states, a cold snap will ensue and send energy prices upward. And the employment report coming out tomorrow could very well do the same.
Weak demand for oil and oil products along with NG hitting fresh new lows. Longer-term demand will come once the economy shows signs of picking up steam. We could see some short-term demand if frigid weather sets in.
For now, be sure to use a mental stop to protect your investment.