Now that the stock market has soared 40% from its March lows, almost no one can seem to remember what they were so worried about. By contrast, now that the price of natural has collapsed 40% in the last seven months, almost no one can remember why they ever worried about an energy shortage.

In the beginning of the resource bull market, all commodities were created equal. They all rose together, with the exception of a few products like aluminium and rubber, which lagged the rest of the group. Now, things are different. Call it the great energy sorting.