There’s no doubt it’s been a disappointing summer for energy stocks.

Energy stocks were the best-performing group in the S&P 500 from the March 23^rd lows through the June 8^th peak, soaring 96.5%. However, from June 8^th through the present date, energy reversed course, falling about 22.9% compared to a return of just under 9% in the S&P 500.

And that’s despite the fact that oil prices have continued a steady drift higher all summer from around $38 in early June to approximately $43 today while natural gas prices have climbed steadily from a June 25^th low under $1.50/MMBtu to above $2.60/MMBtu.