XLE closed September 9 at 65.31 with XOM at 164.23 and CVX at 213.81, against 65.10, 164.15 and 211.78 on September 2. The energy equity complex was essentially flat across a window in which crude rose more than 10% - sector equities are no longer tracking the commodity, suggesting the market is pricing this premium as temporary rather than capitalising it into earnings.