Energy Is Leading in 2026—But Are the Oil Majors Cracking?

Oil pumpjack beside a wind turbine at sunset, with a refinery and storage tanks in the background. Key Points Energy is leading the S&P 500 this year with an 18% gain as investors vacate tech in search of defensive sectors. So far, the oil majors have reported mixed Q4 2025 earnings, resulting in uncertainty about the sector’s ability to sustain its market-leading gains. Long term, production forecasts and an increasing supply-demand gap are bullish for Big Oil, and the Energy Select Sector SPDR Fund s ...