The Nasdaq 100 has lost about -27 percent of its value so far this year. And the almost as technology-stock heavy S&P 500 isn’t far behind at roughly -18 percent. Throw in the collapse of the bond market—led by a near doubling of the benchmark 10-year Treasury bond yield—and it’s small wonder so many have already proclaimed a bear market is underway.

We won’t argue stocks aren’t due for one, given the last period that really qualified was back in 2007-09. And the worst inflation rate in over 40 years, China’s pandemic lockdowns, the increasingly hawkish Federal Reserve, fallout from Russia’s Ukraine invasion and signs consumer spending is slowing are certainly reasons for worry.

Equally, however, 2022 so far has been among the best of times for energy investors. Led by continuing gains in best in class oil and gas stocks, the S&P Energy Sector Index has returned better than 48 percent. And even sector laggards are revving their engines, with the Philadelphia Stock Exchange Oil Service Sector Index (OSX) higher by nearly 42 percent and the midstream laden Alerian MLP Index returning more than 20 percent.

Earlier this month, global oil prices hit a 13-year high of nearly $140 a barrel. This week, they’ve backed off substantially.

As this issue of Energy and Income Advisor goes to post, Brent crude has dropped back to a level just north of $100. And West Texas Intermediate Crude at the Cushing hub has come back to the mid-$90s.

Energy stocks by and large have lagged the gains in commodity prices thus far in the cycle. But while holding their ground better on the retreat, they’ve also sold off from the highs of earlier this month. The S&P Energy Sector Index, for example, is still up almost 30 percent year to date. But it’s also down more than -10 percent from the high point earlier this month. The Alerian MLP Index of major dividend-paying midstream stocks has also lost about -10 percent of its value from the same date, reducing its 2022 gain so far to about 9 percent.