1. Executive summary

Energy posted a +2.46% median weekly return, up from +0.55%, while 77.5% of its 169 securities advanced. The S&P 500 gained 1.15%, and 68.6% of energy securities outperformed it. Yet the share trading above the 200-day moving average fell from 76.3% four weeks earlier to 61.5%. This is the central tension: a broadly positive week within a market structure that has narrowed considerably.

2. A broad weekly rebound

Of the 169 securities, 131 advanced and 38 declined. Median weekly performance rose to +2.46%, and median relative performance versus the S&P 500 reached +1.31 percentage points. The price recovery was widely shared, not limited to a handful of large constituents. However, a positive week does not by itself restore the long-term trends that deteriorated during the preceding month.

3. Market breadth: the main warning

Four weeks ago, 76.33% of the matched 169-security universe traded above its MA200. By October 9, the figure was 61.54%—a decline of 14.79 percentage points. A majority still retains a positive long-term trend, leaving ENERGY comparatively resilient against weaker mining universes. But the breadth loss is substantial. A sustained recovery should eventually stabilize and rebuild the share above MA200.

4. Drawdowns: relative resilience

The median drawdown from 52-week highs improved to −11.23% from −13.66% a week earlier. The share more than 30% below its high fell from 16.6% to 14.2%. Still, the number down more than 50% increased from 12 to 13 securities. Across the entire available price history, the median drawdown from each security's observed high is −38.57%, and 37.9% are more than 50% below that reference. Historical coverage and corporate-action adjustments can affect long-run comparisons.

5. Volume: prices improve faster than conviction

Median relative volume fell from 0.98× to 0.91×. Just eight securities (4.7%) recorded relative volume of at least 1.5×: six advanced and two declined. The advancing/high-volume share edged up from 3.0% to 3.6%, while the declining/high-volume share slipped from 1.8% to 1.2%. Median signed 20-session volume balance improved from −12.09% to −9.92%, with the positive-balance share rising from 30.8% to 34.3%. These are incremental improvements, not evidence of broad, high-conviction buying. Signed volume balance is a price-volume proxy, not a direct measure of institutional flows.

6. Relative strength: medium-term leadership, recent setback

The median relative return against the S&P 500 was +1.31 percentage points for the week, −6.28 over four weeks, +2.91 over three months and +17.41 year to date. The respective shares outperforming the benchmark were 68.6%, 18.9%, 60.9% and 68.0%. The contrast is telling: ENERGY maintains a medium-term advantage but suffered a broad relative correction during the past month. This week's rebound may be an early repair, not yet confirmation.

7. Leadership: refiners and transport stand out

Borr Drilling led weekly gains at +22.25% but remained below MA200. Athabasca Oil gained 15.50% while trading above MA200 on 6.38× relative volume. Other notable gainers included BKV (+12.38%), Paramount Resources (+8.08%), CNX Resources (+8.03%), Marathon Petroleum (+7.74%), Riley Exploration Permian (+7.54%) and Kelt Exploration (+7.32%). In the global ranking, the first six positions were Marathon Petroleum, HF Sinclair, Valero Energy, PBF Energy, International Seaways and Phillips 66—all above MA200. Refining margins and tanker economics can differ materially from upstream oil-price exposure. ENERGY should not be treated as a homogeneous bet on crude oil.

8. Conclusion: leadership needs breadth confirmation

ENERGY retains comparatively strong medium-term relative performance and a majority of securities above MA200. Its latest weekly rebound was broad, drawdowns moderated and signed-volume balance improved. Yet breadth remains almost 15 percentage points below its level four weeks earlier, and median trading activity is subdued. ENERGY remains relatively resilient, but a durable continuation of its leadership requires recovering MA200 breadth and stronger volume confirmation.

Complete Ranking — 169 Securities

All securities in the weekly scanner, including weekly rank, global rank, ticker, company name, last close, and one-week, four-week, three-month and year-to-date returns. Click a column heading to sort.

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The universe contains securities/listings, not necessarily 169 distinct legal companies. The original workbook includes additional analysis sheets and excluded records.