President Biden seeks to add enough supply to prevent near-term oil price spikes by releasing U.S. strategic petroleum reserves (SPR) of 15 million barrels. However, that might be offset by OPEC+’s two million barrels per day (bpd) output cuts.
Oil prices have seen significant volatility this year thanks to the Russia-Ukraine war. However, strong demand is expected to keep the energy market afloat. OPEC+ expects medium-term and long-term growth in energy demand.
According to the latest U.S. energy information administration’s (EIA) short-term energy outlook report, oil prices could get a boost from potential petroleum supply disruptions and slower-than-expected crude oil production growth.
On top of it, Goldman Sachs’ head of commodities research Jeff Currie said that crude oil prices could . In addition, he said supply could get squeezed by several factors, like a stop on SPR releases, lack of drilling, and a European Union ban on Russian oil.
Given this backdrop, investing in ConocoPhillips (COP), Hess Corporation (HES), and Northern Oil and Gas, Inc. (NOG) might be prudent in light of several technical indicators. Continue reading "3 Energy Stocks That Could Benefit This Fall"