The prospect of deep cuts in production has sparked a bounce in oil prices. And at least for the moment, crude is trading over $20 a barrel again across North America, with global benchmark Brent in the upper 20s.

The real action, however, has been in energy stocks, which have literally vaulted from last to first in terms of S&P 500 sector performance. The S&P 500 Energy Sector Index is more than 50 above its March 18 low. The super majors-focused NYSE Arca Oil Index (NYSE: XOI) is up 55 percent plus. And the midstream-heavy JP Morgan Alerian MLP Index ETN’s (NYSE: AMJ) has exploded upward more than 80 percent.

None of these indexes are close to erasing year-to-date-losses, let alone declines since this energy down cycle began in mid-2014. But they’re clearly demonstrating the upside leverage survivors will have in the eventual recovery.

It’s still very early days to actually call it a trend. But for at least the last month, energy stocks are actually outperforming oil and gas prices.

That may be temporary. But at least for now, it’s a sharp break from the rule of the past several years. Since oil broke under $100 a barrel back in mid-2014, energy stocks have consistently lagged when oil has jumped. And when the price of the commodity has slipped, they’ve fallen much further and faster.

As a result, energy stocks have finished every mini-cycle of the past six years at lower levels. ExxonMobil’s (NYSE: XOM) March 31 bottom price of $30 and change is its lowest point since 2002.