Energy was most punished sector in 2020 
- Lockdown crushed demand
- Energy transition theme (solar, batteries, lithium, rather than oil & gas


2021: Economic recovery & found out the world was still running on fossil fuel

2022:Russia/Ukraine was the cherry on top. Along with greatest inflation surge in more than 40 years 
by april investor where most overweight commodities since 2006

2023: XLE underperformed SPY by 26%

2024: CKE underperformed SPY by 24%

2025: may 25 weight among investor 2.5 std dev below average, energy as never been so hated, not even in 2020