Good for you JB. I was piling into oil in August/September 2020. That's sounds great but I completely mistimed my entry (naturally!) and was down 20 per cent at one point. If you check out the charts of XLE/VDE/IXC in that period, there was a big whoosh down and then the vaccines came along. It's sunny uplands now of course.
A lot of NZ funds are proudly ESG and have near ZERO exposure to energy, the best performing sector last year and this year to date. As long as energy is working, market down turns will be particularly hard for these funds. And if we have a 10 year commodity super cycle, then it's even worse for them. Of course the oil price could collapse tomorrow so this is far from a one way bet.
There was a good commentator on World Wide Exchange last night who said we really don't want oil much higher than it is now. $100 oil will bring too much drilling.