Looked at the sector aggregate financial statement data vs. the index value over time. It looks like a decent fit, though it still puts the user at the risk of accounting fraud (e.g. Enron). My latest Energy index valuation is slightly lower, *I could be wrong*, so my personal bias for crude oil remains bearish.
Details, graph of valuation model is posted here: https://bastion.substack.com/p/s-and-p-energy-index-fair-valuation