Hold and wait for confirmation
The evidence is balanced enough to avoid a defensive call, but not aligned enough for aggressive positioning.
Oil & Gas E&P
For the week ending 25 September 2026, Oil & Gas E&P declined 2.30% with 71 advancing, 227 declining, and 41 unchanged constituents.
- Index level
- 1,095.38 Index points · base 1,000
- Weekly return
- -2.30%
- Measured equities
- 339
- Rank within sector
- 4 of 8
156 completed weeks
Oil & Gas E&P price and trend
Explore the index, how widely companies share the move, the trend’s momentum and declines from previous highs.
Trend structureUnresolved
Index vs Trend-1.3%
13-week persistence9.4%
Advancing participation21%
Index Value
Trend Line
Fair Value
Activity Lines
Constructive Transition Defensive
Weekly index closes and the Trend Line. Dashed grey shows the latest Fair Value reference; it is not a historical forecast. Enable the other overlays for more detail.
Performance in context
Oil & Gas E&P in context
Price and participation determine the view. Sentiment remains a separate confirmation layer.
Five measures
49Quality of the positioning case
Trend
50
Breadth
25
Persistence
66
Relative
46
Risk quality
76
Parent-relative performance
Composite rank 4 of 8Returns versus Energy
HorizonReturnRelative
1 week-2.3%-0.6 pts
4 weeks0.3%0.9 pts
13 weeks9.4%0.4 pts
26 weeks-8.5%-5.8 pts
52 weeks13.6%-6.3 pts
Return is the industry index’s change. Relative is its return minus Energy, in percentage points.
Relative leadership path
WeakeningOil & Gas E&P versus Energy
Relative performance13-week relative trendStarting level · 100
Both indexes are compared from the same starting date. Above 100 means Oil & Gas E&P has outperformed Energy since that date; below 100 means it has lagged. A rising line indicates improving relative performance, even when both markets are falling.
Supporting evidence
Confirmation and conflict
+Constituent trends show positive multi-horizon persistence.
!Index trend architecture has not delivered a durable upward expansion.
!Breadth remains too narrow or inconsistent for a high-conviction position.
!The group is not yet delivering dependable relative outperformance.
!Positive contribution is concentrated in a small leadership cohort.
Decision boundaries
What would change the view?
1A completed weekly reclaim of 1,109.64, the higher of Trend Line and Fair Value, would improve the structural case.
2Breadth holding above 55% for several completed weeks would show that repair is spreading.
3Positive 13 and 26-week relative performance would confirm that capital is rotating into the group.
Trend state and durability
Trend, durability and market stages
The industry index path is tested against the securities beneath it.
Index trend structure
14 weeksUnresolved
The Activity Lines, Trend Line and price acceptance remain genuinely mixed.
Trend conditionMixedActivity Line spread2.93%Closes above Activity Lines83%Closes below Activity Lines0%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence
75% agreementPositive regime, horizons divided
The 52-week trend is positive, although not every measured horizon confirms it.
13-week
9.4%
26-week
-8.5%
39-week
16.8%
52-week
13.6%
Regime age56 weeks52-week flips052-week boundary964.42
Company trends
94% coverageHow broadly durable is the move?
67%positive
Coherent positive34%
Coherent negative13%
Horizon agreement80%
Weakening positives28
Repairing negatives34
320 constituents measured as of 18 Sep 2026.
Market stages
95% coverageWhere companies sit in the cycle
42%Stage 2
Stage 1 Basing15%48
Stage 2 Advancing42%135
Stage 3 Distribution5%16
Stage 4 Declining38%122
Re-acceleration0Transition watch26Fair Value repairs34
Stage coverage is shown explicitly and is not substituted for full-universe persistence coverage.
Countries and regions
Where Oil & Gas E&P strength is developing
Country returns, participation and Trend position show whether the global result is widely shared or locally concentrated.
Countries measured1724 represented in the full universe
Positive countries4 / 17Latest weekly return above zero
Above Trend Line41%7 country indexes
Return dispersion2.16 ptsCross-country opportunity and divergence
Asia Pacific-1.31%
6 countries · 93 equities · 27% of measured coverage
Europe-2.21%
6 countries · 98 equities · 29% of measured coverage
Latin America-2.86%
1 countries · 9 equities · 3% of measured coverage
North America-2.96%
3 countries · 113 equities · 33% of measured coverage
Middle East and Africa-3.00%
1 countries · 17 equities · 5% of measured coverage
Country evidence map
Minimum 3 constituentsReturn, breadth and trend condition
🇸🇬SG5
4.27%
40% up · below Trend
🇮🇳IN5
3.26%
60% up · above Trend
🇭🇰HK6
0.91%
50% up · below Trend
🇫🇷FR3
0.08%
33% up · below Trend
🇨🇳CN5
-0.35%
40% up · below Trend
🇸🇪SE5
-1.06%
40% up · below Trend
🇮🇩ID4
-1.09%
25% up · below Trend
🇲🇽MX7
-1.31%
14% up · above Trend
🇬🇧GB67
-2.27%
24% up · above Trend
🇦🇺AU68
-2.33%
21% up · below Trend
🇳🇴NO13
-2.40%
31% up · above Trend
🇦🇹AT5
-2.55%
0% up · above Trend
🇧🇷BR9
-2.86%
33% up · below Trend
🇮🇱IL17
-3.00%
6% up · below Trend
🇨🇦CA46
-3.06%
15% up · above Trend
🇺🇸US60
-3.07%
17% up · below Trend
🇩🇪DE5
-3.14%
0% up · above Trend
7 thin country slices are excluded from comparative conclusions. Their securities remain in the global index.
Country leadership
Strongest country readings
🇸🇬Singapore5 equities4.27%
🇮🇳India5 equities3.26%
🇭🇰Hong Kong6 equities0.91%
🇫🇷France3 equities0.08%
🇨🇳China5 equities-0.35%
🇸🇪Sweden5 equities-1.06%
Country pressure
Weakest country readings
🇩🇪Germany5 equities-3.14%
🇺🇸United States60 equities-3.07%
🇨🇦Canada46 equities-3.06%
🇮🇱Israel17 equities-3.00%
🇧🇷Brazil9 equities-2.86%
🇦🇹Austria5 equities-2.55%
Related industries
Where Oil & Gas E&P sits inside Energy
Relative performance over four and thirteen weeks, alongside participation, separate durable leadership from a one-week move.
Composite rank4 / 8
Leading3
Lagging4
Above Trend3 / 8
Return dispersion1.32 pts
Relative rotation map
Is this industry gaining or surrendering leadership?
↑ Four-week return versus Energy Percentage-point difference
Thirteen-week return versus Energy →
Numbers match the ranking. Larger markers represent more constituents. Fine lines connect separated markers to their actual positions.
Explore the rotation mapHover or focus a marker or ranking to inspect its relative returns.
Leadership quality · latest completed week
Do the leaders have broad support?
3 of 3 relative leaders with breadth data have fewer than half their companies advancing this week. Leadership is not yet matched by broad weekly participation.
Top six by composite scoreCompanies advancing13-week
relative return
relative return
Oil & Gas Refining & Marketing
36%
+11.6 pp
Oil & Gas Integrated
43%
+4.9 pp
Thermal Coal
39%
+2.4 pp
Oil & Gas E&P
21%
+0.4 pp
Oil & Gas Midstream
12%
-2.1 pp
Oil & Gas Equipment & Services
31%
-7.4 pp
The tick marks 50% advancing; unchanged companies remain in the denominator. A weak week can challenge a longer lead without reversing it. Relative return is measured against Energy.
Composite industry ranking
Score / 100Momentum with confirmation
1
Oil & Gas Refining & MarketingLeading · 36% advancing
100
2Oil & Gas IntegratedLeading · 43% advancing
82
3Thermal CoalWeakening · 39% advancing
44
4Oil & Gas E&PLeading · 21% advancing
40
5Oil & Gas MidstreamLagging · 12% advancing
33
6Oil & Gas Equipment & ServicesLagging · 31% advancing
8
7Oil & Gas DrillingLagging · 14% advancing
3
8UraniumLagging · 24% advancing
0
The score combines relative returns, weekly participation and the gap to Trend. It ranks the evidence; it is not a probability or an expected return.
Participation and risk
Breadth, momentum and risk
The headline index is tested against participation, volatility, drawdown and the distribution of security returns.
Advancing participation20.9%-28.9 points versus recent baseline
13-week positive weeks62%Index-level hit rate
Annualised volatility16.7%52-week index return volatility
Current drawdown-8.5%From the 52-week index high
156-week max drawdown-21.9%Peak-to-trough index decline
Market participation
Range -100 to +100Net advancing participation
Trend momentum
Positive or negative slopeTrend Line rate of change
Company returns
339 equitiesWhat the headline return conceals
Average loser-5.39%
Average winner+12.58%
Median equity-2.38%The middle security, less sensitive to extreme movers
Interquartile range-5.04% to 0.00%The central half of the universe
Security dispersion22.25 ptsCross-sectional opportunity and stock-selection risk
News and price confirmation
News and price agreement
News snapshot prepared 28 Sep 2026, 18:53 BST for this weekly report.
Qualified sentiment coverage for this industry is still building.
Company performance
The equities driving the result
Weekly leaders and laggards reveal whether the index move is broad, concentrated or vulnerable to reversal.
Leadership
Strongest weekly contributors
Pressure
Weakest weekly contributors
Latest week
All industry constituents
Showing 1-30 of 339, sorted by weekly return.
| Ticker | Company | Market | Open | High | Low | Close | Return |
|---|---|---|---|---|---|---|---|
| GLND | Greenland Energy Company Common Stock | US · NASDAQ | 3.02 | 6.69 | 2.42 | 5.54 | 361.67% |
| 594 | CapAllianz Holdings Limited | SG · SES | 0.001 | 0.002 | 0.001 | 0.002 | 100.00% |
| VEN | Vintage Energy Limited | AU · ASX | 0.001 | 0.002 | 0.001 | 0.002 | 100.00% |
| EXR | Elixir Energy Limited | AU · ASX | 0.067 | 0.089 | 0.066 | 0.086 | 28.36% |
| TXP | Touchstone Exploration Inc. | CA · TOR | 0.15 | 0.19 | 0.15 | 0.19 | 18.75% |
| CNE | Capricorn Energy PLC | GB · LSE | 382.00 | 450.00 | 381.00 | 450.00 | 18.11% |
| MNE | Macallum New Energy Limited | AU · ASX | 0.18 | 0.19 | 0.1775 | 0.18 | 16.13% |
| EMP | Emperor Energy Limited | AU · ASX | 0.105 | 0.115 | 0.1025 | 0.115 | 15.00% |
| 3395 | JX Energy Ltd. | HK · HKG | 0.226 | 0.23 | 0.193 | 0.229 | 14.50% |
| ANTELOPUS | ANTELOPUS SELAN ENRGY LTD | IN · NSI | 1,131.00 | 1,290.90 | 1,080.05 | 1,261.70 | 14.20% |
| SJT | San Juan Basin Royalty Trust | US · NYSE | 3.01 | 3.55 | 2.97 | 3.42 | 13.62% |
| PVE | Po Valley Energy Limited | AU · ASX | 0.10 | 0.12 | 0.088 | 0.11 | 12.24% |
| TXP | Touchstone Exploration Inc. | GB · LSE | 0.0825 | 0.10 | 0.08 | 0.0925 | 12.12% |
| ATS | Australis Oil & Gas Limited | AU · ASX | 0.03 | 0.033 | 0.029 | 0.033 | 11.86% |
| GAS | State Gas Limited | AU · ASX | 0.01 | 0.011 | 0.01 | 0.011 | 10.00% |
| SHE | Stonehorse Energy Limited | AU · ASX | 0.011 | 0.012 | 0.011 | 0.012 | 9.09% |
| GENL | Genel Energy plc | GB · LSE | 0.556 | 0.66 | 0.5425 | 0.619 | 8.79% |
| GASX | NG Energy International Corp. | CA · TOR | 1.09 | 1.20 | 1.04 | 1.14 | 7.55% |
| BOR | Borders & Southern Petroleum plc | GB · LSE | 0.11 | 0.119 | 0.10 | 0.1135 | 6.07% |
| JSE | Jadestone Energy plc | GB · LSE | 0.3625 | 0.39 | 0.36 | 0.385 | 5.48% |
| DEEPINDS | Deep Industries Limited | IN · NSI | 747.00 | 792.00 | 720.55 | 781.10 | 5.08% |
| CND | Condor Energy Limited | AU · ASX | 0.02 | 0.023 | 0.019 | 0.021 | 5.00% |
| SEPL | Seplat Energy Plc | GB · LSE | 818.00 | 892.00 | 818.00 | 870.00 | 4.82% |
| SNM | ShaMaran Petroleum Ltd. | NO · OSL | 1.38 | 1.45 | 1.12 | 1.44 | 4.73% |
| UOG | United Oil & Gas Plc | GB · LSE | 0.0022 | 0.0024 | 0.002 | 0.0023 | 4.55% |
| PPR | Prairie Provident Resources Inc. | CA · TOR | 0.335 | 0.35 | 0.335 | 0.35 | 4.48% |
| NFTA | Naphtha Israel Petroleum Corp. Ltd. | IL · TLV | 243,500.00 | 259,900.00 | 238,100.00 | 254,000.00 | 4.31% |
| D1VN34 | Devon Energy Corporation | BR · SAO | 247.00 | 257.00 | 239.04 | 257.00 | 4.05% |
| BTL | Beetaloo Energy Australia Limited | AU · ASX | 0.265 | 0.285 | 0.2525 | 0.27 | 3.85% |
| PNE | Pine Cliff Energy Ltd. | CA · TOR | 0.53 | 0.56 | 0.52 | 0.54 | 3.85% |