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  • Roger S. Conrad

Mid-Year Commodity Outlook

By Elliott H. Gue on Jul. 9, 2021

Energy was the top-performing sector in the S&P 500 in the first half of 2021 jumping 45.61%, nearly triple the S&P 500’s 15.24% gain over a similar holding period.

That represents the S&P 500 Energy Index’s best showing relative to the S&P 500 in the first half of the year since at least 1989 when the former index was created. 

Indeed, energy has smashed all records so far in 2021 for performance relative to the S&P 500, the only comparable example was the group’s 28.51 percentage point outperformance relative to the S&P 500 in the 6 months ended February 2005, during energy (and oil’s) last big commodity super cycle.

Of course, in the wake of the near 7-year long bear market for oil and energy that started in 2014, the group still has plenty of doubters. However, as we’ll explain in our feature article this week, we remain broadly bullish on both oil and natural gas prices and believe any dips over the next few months will prove good buying opportunities.

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    • Elliott H. Gue

      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor

    • Roger S. Conrad

      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor