Energy Stocks Climb As Oil Prices Shoot To New 2023 High—And Banks Say There’s More Room To Grow

  • 📰 Forbes
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 53%

France Nouvelles Nouvelles

France Dernières Nouvelles,France Actualités

Both JPMorgan and Morgan Stanley named energy stocks as among their top plays.

Crude oil prices set another 2023 high Monday, surging upwards alongside energy stocks, which are gaining increasingly loud backing among market strategists.International benchmark Brent crude and U.S. benchmark West Texas Intermediate futures each hit their highest levels since November trading at $94 and $91 per barrel, respectively.Similarly rising are energy companies poised to deliver strong profits should demand for oil remain strong; the S&P 500’s energy sector rose 0.

Both JPMorgan and Morgan Stanley predicted the energy sector Monday will outperform other equities moving forward. JPMorgan strategists led by Marko Kolanovic explained they’re bullish on energy because investors have yet to properly allocate resources toward the asset class despite the surge in commodity prices.

A Michael Wilson-led Morgan Stanley group similarly cited a broad lack of exposure to the sector, pointing to energy companies’ strong financials compared to peers and expressing conviction that both oil demand and crude prices will remain robust.Four of the eight best performers on the S&P over the last month are commodity companies, according to FactSet data.How high oil prices can go. It “sure looks like” oil will surpass $100 per barrel, Chevron CEO Mike Wirth predicted Monday in an14%.

Nous avons résumé cette actualité afin que vous puissiez la lire rapidement. Si l'actualité vous intéresse, vous pouvez lire le texte intégral ici. Lire la suite:

 /  🏆 394. in FR
 

Merci pour votre commentaire. Votre commentaire sera publié après examen.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Ford, GM Stocks Climb as UAW Contract Negotiations RestartUnited Auto Workers President Shawn Fain rejected Stellantis’ offer of a 21% pay increase. Auto makers have responded to the strikes with temporary layoffs.
La source: MarketWatch - 🏆 3. / 97 Lire la suite »