Sector Energy

• WTI level vs key psych levels; WTI/Brent spread; DBO curve (backwardation/contango)

3. Upstream / E&P

• Majors and E&P cash flow and capex discipline; buybacks/dividends

4. Geopolitical Supply Risk

• Iran/Hormuz status, OPEC+, outages, sanctions, SPR

5. Natural Gas & LNG

• Henry Hub + LNG context

6. Oil Services

• Rig count, pricing power, cycle timing

7. Valuation Context

• XLE valuation, FCF yield, refining margins

8. Portfolio Assessment

• XLE/DBO thesis check; profit-taking vs hold; invalidation trigger monitoring

Output Format

### ⚡ ENERGY SECTOR
**Bias**: [Overweight / Underweight / Neutral] | Confidence: [High / Medium / Low]

**ETF Levels**: XLE: $X (±X%) | OIH: $X (±X%) | DBO: $X (±X%)
**vs 200-DMA**: XLE [above/below by X%]
**Relative Strength vs SPY**: [Outperforming / Underperforming]

**WTI Integration**: $X — [context; curve shape for DBO]
**Equity/Oil Congruence**: [tracking/diverging]

**Geopolitical Supply Premium**: [assessment]

**E&P Free Cash Flow**: [read]
**Oil Services**: [read]
**NatGas**: [read]

**Valuation**: XLE NTM P/E ~Xx | FCF yield ~X%

**Portfolio Note**: Energy thesis [✅/⚠️/❌] + invalidation trigger status