The first half of 2026 was a tale of two commodity markets as crude oil prices surged during the spring while natural gas prices retreated sharply after an exceptionally strong winter rally. Those diverging commodity trends led to higher profits and cash flows for those with the greatest exposure to strengthening oil prices while penalizing those most vulnerable to weakening natural gas markets. Yet commodity prices alone do not fully explain how investors allocated capital during the period. In today’s RBN blog, we examine H1 2026 shareholder returns across three upstream peer groups — Oil-Weighted, Diversified and Gas-Weighted E&Ps — to identify not only which companies outperformed during the first half of 2026, but also why investors rewarded certain business models over others.
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Figure 1 below compares the relative performance of the XOP Index (blue line), WTI crude oil price (orange line) and the S&P 500 (gray line) during the first half of 2026. The XOP Index, the State Street version of the S&P Oil & Gas Exploration & Production Index, closely tracked the dramatic swings in crude oil prices, although with considerably less volatility. WTI briefly climbed to nearly $113/bbl in early April, almost doubling from the start of the year, as escalating tensions involving Iran heightened concerns over global supply disruptions. As those fears eased during the second quarter, oil prices retreated but still finished the first six months of the year up just over 21%.
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About the song
“Gimme Some Lovin’” was written by Spencer Davis, Steve Winwood and Muff Winwood. It was released as a stand-alone single and later appeared as the first song on side one of the 1967 U.K.-released compilation album, The Best of The Spencer Davis Group. Recorded at Philips Studio in London in June 1966 and produced by Chris Blackwell and Jimmy Miller, the single was released in October 1966. It went to #7 on the Billboard Hot 100 Singles chart. Producer Chris Blackwell would later found Island Records, which brought reggae music to a worldwide audience, and built Compass Point Studios in Nassau, Bahamas. He was inducted into the Rock and Roll Hall of Fame in 2001. Producer Jimmy Miller produced The Rolling Stones’ records from 1968 to 1973. He died in Denver in October 1994 at 52 and was posthumously inducted into the Rock and Roll Hall of Fame in 2026. Personnel on the record were: Spencer Davis (guitar, backing vocals), Steve Winwood (lead vocals, Hammond B-3 organ, piano, guitar), Muff Winwood (bass, backing vocals) and Pete York (drums).
The Best of The Spencer Davis Group was released on Island Records in the U.K. in July 1967. It contained 14 songs by the group, including four Top 10 hits.
The Spencer Davis Group was a British rock band formed in Birmingham in 1963 by vocalist/guitarist Spencer Davis, brothers Steve Winwood (vocals, keyboards, guitar) and Muff Winwood (bass, backing vocals), and Pete York on drums. They are known for a string of hit singles in the 1960s, including: “Gimme Some Lovin’,” “Keep On Running,” “Somebody Help Me,” and “I’m a Man.” They released eight studio albums, five live albums, 27 compilation albums, a soundtrack album, five EPs, and 30 singles. The original group broke up in July 1969. Steve Winwood went on to become a founding member of Traffic and Blind Faith, and a successful multi-Platinum solo artist. He was inducted into the Rock and Roll Hall of Fame in March 2004 as a member of Traffic. Muff Winwood went on to become an A&R Director for Island Records and a successful record producer, producing records by Marianne Faithfull, Mott the Hoople, Traffic, and Sparks. Spencer Davis pursued a solo career and died in Los Angeles in October 2020 at 81. Steve Winwood still records and performs live and will be co-headlining The Legacy Tour with John Fogerty, which begins in September. He also appears on multiple songs on The Rolling Stones’ latest album, Foreign Tongues, which was released in July.
"About the Song" -- written by Mickey McMahan , RBN Director of Musicology
