Strong economic fundamentals and higher oil prices could bolster energy sector ETFs in the earnings season ahead.

The Energy Select Sector SPDR (NYSEArca: XLE), the largest equity-based energy exchange traded fund,has increased 13.1% over the past three months and was up 6.2% year-to-date. In comparison, the S&P 500 rose 6.5% over the past three months and was 4.3% higher so far this year.

“From an earnings standpoint, energy probably will grow earnings about 130 percent, and I didn’t misstate that: 130 percent,” PNC’s former global chief investment strategist, Bill Stone, said on CNBC. “You have to remember that oil went from a year ago less than 50 dollars a barrel to about 80 dollars a barrel” currently.

West Texas Intermediate crude oil futures were up 0.3% to $74.0 per barrel and Brent crude was 1.4% higher to $78.2 per barrel Monday.

Overall, Stone expects S&P 500 earnings to grow at 20% in the second quarter, and he believed that could help the stocks rally 10% from where they started the year.

Q2 2018 Could Be Second Highest Earnings Growth Since Q3 2010

According to FactSet, for the second quarter of 2018, the estimated earnings growth rate for the S&P 500 is 20.0% and if 20.0% is the actual growth rate for the quarter, it will mark the second highest earnings growth since Q3 2010 of 34.0%.

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