Energy stocks at a 28-year record while crude sits 31% below its April high

The Energy Select Sector SPDR (XLE) closed at 63.75 on August 20, 2026 — its third record close in four sessions (62.58 on the 17th, 63.68 on the 18th) and its 23rd record close of the year. It is up 42.6% year to date and first cleared its June 2014 peak of 49.75 on January 28. Crude did not carry it there: Brent’s latest print is $95.29 (August 18), up 55% on the year but 31% below its April 7 high of $138.21. Inside the group, Targa Resources closed at an all-time high of 302.25, ConocoPhillips at 134.89 is five cents below its November 2022 record, and Imperial Oil has risen nine sessions in a row.

What the equities are pricing is the refining margin. The 3-2-1 crack spread is $71.33 a barrel and its 200-day average, 42.62, is the highest in the 19 years of daily data. The precedent is November 2022: XLE’s high that year came with Brent at $94, 29% below its March peak, and the crack spread near $60. Over the following twelve months the margin halved and XLE lost 11.8% while crude only drifted to $78. The spread, its gasoline and diesel legs and the refiner cohort are on the live page.