The decline has followed a sharp drop in oil prices, dragged down by weakening global demand and a rising dollar. With various names due to report next week, including Exxon Mobil, Chevron, ConocoPhillips, and National Oilwell Varco, there are hopes that executives will suggest that the fall in oil and share prices has overstated the outlook for these names.
"It isn't just about these particular companies. What they have to say is an important factor for the entire global demand story," said Quincy Krosby, market strategist at Prudential Financial, based in Newark, New Jersey. "All the market has been looking for is less bad news."
The energy sector over the last 20 weeks has spiraled from being the market leader to now ranking as its most distant laggard, according to a Relative Rotation Graph study, which analyzes the relative performance of the constituents of an index.
Read MoreGas up! Oil swoon drives US prices to 4 year low
The S&P energy sector up about 6 percent from Oct. 15, while the S&P 500 is up 5.5 percent from its Oct. 15 low and the benchmark index on Friday posted its best weekly gain since early January 2013.
Some analysts expect demand from North American energy and construction industries to boost performance for some in the sector going forward, even with peaks in activity in North Dakota and other areas.
And with profit estimates down for energy, its price-to-earnings multiple is among the lowest for S&P 500 sectors, at 14.3 times estimates earnings, Thomson Reuters data showed.