Just a Short Cleansing Range Trade in Energy Prices? The enduring lesson of weak underlying-commodity price performance vs. producer equities is playing out in 2026. The question is whether it's a normal rotation lower or start of sustained higher prices. My graphic shows the Bloomberg Energy Spot Subindex retreating in 2026 from a peak below 2022's, which was below 2008's apex. This may suggest that the 1Q surge was short-cleansing, shifting risks back down. What had been a moribund, oversupplied market drifting downward may have found the catalyst to complete a typical low-price cure cycle toward $40-a-barrel WTI crude after revisiting $120. US natural gas may gain similar contagion after its 1Q round-trip. Our graphic shows gas at roughly the same price as the end of 1999, with the State Street Energy Select Sector SPDR ETF (XLE) up about 700% over the same time frame. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tdzteekgzaov {BI COMD} #crudeoil #naturalgas #energy @BBGIntelligence(Mike McGlone)