The energy producers re-rated across the window while crude went nowhere: XLE closed 67.63 on October 14 2026 against 62.60 on September 24 (+8.0%), XOM 177.01 against 162.14 (+9.2%) and CVX 222.04 against 205.65 (+8.0%), all three at window highs, after bottoming on September 29-30. USO closed 153.56 against 153.09 (+0.3%) and Brent settled within a dollar of its September 24 level. Equities that lagged crude through September are now pricing a longer premium than the spot curve.