The energy sector came roaring back in the third quarter of 2026. After finishing at the bottom of the sector rankings in Q2, Energy gained 16.5% in Q3, easily outpacing every other sector and the S&P 500’s 2.0% return. That was a remarkable turnaround, but the headline sector number doesn’t fully capture what happened beneath the surface, because returns varied dramatically across different parts of the energy business. The biggest winners weren’t the companies producing oil and gas. They were the companies turning crude…

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