Energy Stocks Are Crushing the Market in 2026 — and Trump Could Keep the Rally Alive
The S&P 500 Energy sector has become one of the market's best-performing groups in 2026 as oil prices climbed and investors rotated toward companies generating real cash flow. Investors are now wondering if President Donald Trump's policy agenda could further boost the rally.
In 2026, the market's leadership changed, with energy stocks outperforming decisively. The S&P 500 Energy sector benefited from climbing oil prices, geopolitical tensions, and investors seeking companies generating real cash flow. Refiners and energy service companies led the charge, with Marathon Petroleum, Valero Energy, and Baker Hughes being top performers. Marathon Petroleum benefited from stronger refining margins, while Valero thrived due to crude supply disruptions creating volatility. Baker Hughes captured higher orders across its LNG and oilfield services segments as exploration budgets expanded globally. President Donald Trump's policy agenda, which includes expanded domestic energy production and reduced environmental restrictions, could further boost the rally. Trump's policies could benefit companies like Baker Hughes, Marathon, and Valero by increasing drilling activity, improving transport economics, and supporting refining demand. U.S. crude production already reached record levels above 13 million barrels per day entering 2026.
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