The largest U.S. energy exchange traded fund, the Energy Select Sector SPDR Fund XLE.P, is up nearly 15% over the last three months and stands near its highest level in nine years. West Texas Intermediate crude (WTI) CLc1up more than 30% since June on supply concerns from extended production cuts by Saudi Arabia and Russia, as well as unexpected strength in the U.S. economy. Energy stocks surged last year as inflation jumped to 40-year highs but landed with a thud at the start of 2023, when expectations of a U.S. recession and oversupply encouraged investors to take profits.