Additionally, macroeconomic factors, including stubbornly high inflation and the specter of higher for longer interest rates are supporting gains for the energy sector. But on top of that, the recent crude price rally has been supported by strong production cuts from OPEC, particularly Saudi Arabia,” noted Martijn Rats, Morgan Stanley’s Global Commodity Strategist. Already the industry has decade-low financial leverage and record-high return on equity — two high quality attributes,” notes State Street.