Energy At The Extremes: The Next Parabolic Trade To Break?

Energy at the extremes

The energy trade is starting to fracture. Refiners have gone parabolic just as oil services test decisive support, creating an uncomfortable mix of upside exhaustion and downside vulnerability.

Fundamentals remain powerful, but price may have run too far. If OIH breaks while refiners unwind, weakness could spread quickly across the broader energy complex.