Oil Services Knockout 2026

If no recession, start your engines

This is a key resistance zone for energy. It’s the difference between a world of slow growth, demographic aging, abundant supplies, EV transition, Chinese fracking, Latin American revival making for abundant, cheap oil for longer than expected and world where oil gets more expensive for awhile.

IEZ is further along in the pattern.

The Julian Simon optimists might argue tech and the other factors mean cheap oil is here potentially “forever” as usage stabilizes, growth slows and green nonsense fades. Cycle adherents might agree in the long-term, but with a short-term interlude.

One of these stocks is off the list, leaving 66. It will get cut to 64. If you have any stock you think should be included or would like to see included, let me know.