Energy stocks have rarely seen this much hedge fund demand: Hedge funds bought the most global energy stocks in almost 4 years last week.

This also marks their 12th weekly purchase over the last 13 weeks. As a result, hedge funds are now the most overweight energy relative to global stocks since June 2024. This marks a sharp reversal from their most underweight positioning since 2021, recorded in February 2026. The only period where hedge funds had a materially larger energy exposure relative to global equities was during the 2022 energy bull market. The energy trade is becoming increasingly crowded.

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