Energy defaults are expected to top $30 billion this year — and Fitch says these 21 bonds are at the highest risk The coronavirus pandemic has cratered demand for fuel and sent the price of oil tumbling, falling by as much as 65% in March, relative to the start of the year. US crude is trading under $22 a barrel , which is below what many oil companies need to turn a profit . That puts some firms at risk of defaulting. A new report by Fitch Ratings reveals that defaults by energy companies are expected to exceed $30 billion this year. Energy firms account for nearly half of Fitch's "top bonds of concern." Here is a list of the 21 highest-risk energy bonds. Visit Business Insider's homepage for more stories . There are all kinds of metrics you can use to measure the health of an industry, from stock prices to capital expenditure. Another one is debt, and that's what analysts at Fitch Ratings looked at in a report this week. They found that the default rate for high-yield bonds — those rated below investment grade — is set to rise above 4% in April, the highest level in more than three years. Energy defaults are expected to be even higher, thanks in part to a plunge in economic activity driven by the coronavirus.