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Crude oil prices have reached new five-month highs, with Citi predicting a potential drop to $55 by late 2025. Energy stocks are expected to benefit as oil enters a rangebound phase. WTI crude at $83.85 a barrel signifies a significant increase, akin to a 10% return on the S&P 500 in the first quarter of 2024. Despite oil's current status, it is anticipated to recover in the upcoming week, with energy stocks showing resilience and potential for growth. WTI prices are projected to remain rangebound until a new catalyst drives them higher, supported by strong refining margins.
WTI prices are likely to be rangebound until another catalyst pushes prices higher, with elevated refining margins supporting structurally elevated crude prices. Energy stocks should benefit as E&Ps generate well above average returns. https://t.co/gJUxjkptGA
WTI prices are likely to be rangebound until another catalyst pushes prices higher, with elevated refining margins supporting structurally elevated crude prices. Energy stocks, in the meantime, should benefit as elevated prices help E&P generate well above average returns.…
#oil hasn‘t yet recovered – that will happen during next week, but #energy stocks will prove more resilient and among the sectoral winners. Still, the series of higher lows established 2024, will go on, and so will the higher $WTIC highs. https://t.co/LW84wX6NJS