Why equities are holding up better than in the 2022 energy crisis

Deutsche Bank strategist Henry Allen argues equities are holding up better now than during the 2022 energy shock because the current energy squeeze is less severe and the macro backdrop is more supportive. Brent futures and front‑month oil prices are lower today (below $80) versus six‑month contracts above $100 a month into the 2022 Ukraine war. Cumulative inflation (+~10% since 2022) and falling energy intensity blunt the impact of any price spike, while inflation starting from a lower base reduces the need for aggressive central‑bank tightening. The S&P 500 has registered three consecutive weekly gains above 3%, underscoring market resilience rather than complacency.