The AI boom and Big Tech might be hogging all the media limelight right now, but the smart money is quietly piling into energy stocks. Indeed, the energy sector is the most crowded of all 11 U.S. market sectors, with the sector’s favorite benchmark, Energy Select Sector SPDR Fund NYSEARCAXLE up 10.7% in the year-to-date compared to a 7.9% return by the Technology Select Sector SPDR Fund NYSEARCAXLK and 9.4% gain by the S&P 500. According to Citi, Energy XLE is now the most crowded U.S.
Related Oilprice Exclusive An Interview With OPEC Sec. Gen. al-Ghais StanChart has predicted that global demand will hit a new all-time high of 103.01 mb/d in May, with June setting a new record at 103.62 mb/d while August demand is expected to be even higher at 104.31 mb/d. StanChart says tightening oil markets will continue to power the oil price rally and has predicted Brent to average $94/bbl in Q2-2024. Supply growth is likely to remain constrained, with StanChart predicting that U.S.