Banks Forecast Rising Oil Prices and Gains for Energy Stocks
-
According to Standard Chartered, the current global oil surplus is due to seasonal weakness in January and will likely flip into a deficit in February.
-
StanChart notes the oil market is much tighter currently compared to 2022, suggesting fundamentals are stronger than prices indicate.
-
J.P. Morgan forecasts crude prices rising another $10 per barrel by May due to projected market tightening.
-
Bank of America identified energy stocks with high idiosyncratic risk that could see substantial gains, like Phillips 66 and Exxon.
-
Oppenheimer recommended buying Par Pacific Holdings stock and selling Nabors Industries stock based on technical analysis.