3 Energy Stocks Stand Among S&P 500's Top 10 Performers In 2024 As Oil Prices Reach $90
Portfolio Pulse from Piero Cingari
Three energy stocks, Marathon Petroleum Corporation (MPC), NRG Energy, Inc. (NRG), and Valero Energy Corporation (VLO), are among the S&P 500's top 10 performers in 2024, driven by a 20% increase in oil prices tracked by the United States Oil Fund (USO) and a forecasted average Brent crude oil spot price of $89 per barrel. The Energy Select Sector SPDR Fund (XLE) has also seen a significant 16% increase year-to-date. Several large-cap U.S. energy companies, including Exxon Mobil Corp. (XOM), Chevron Corp. (CVX), and others, are set to report their Q1 2024 earnings by the end of April.
April 09, 2024 | 8:18 pm
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POSITIVE IMPACT
Chevron Corp. is set to report its Q1 2024 earnings by the end of April, with expectations high due to the favorable oil market.
CVX's upcoming earnings report is eagerly awaited, with the oil market's positive momentum likely to reflect in its financials.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Marathon Petroleum Corporation is among the top 10 performers in the S&P 500, with a 42.65% price increase YTD, benefiting from rising oil prices.
MPC's performance is directly linked to the increase in oil prices, making it a significant beneficiary of the current energy market dynamics.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
NRG Energy, Inc. is among the top 10 performers in the S&P 500, with a 39.77% price increase YTD, benefiting from rising oil prices.
NRG's performance is directly linked to the increase in oil prices, making it a significant beneficiary of the current energy market dynamics.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
The United States Oil Fund (USO) tracks WTI light crude, which has seen a 20% increase YTD, indicating strong performance due to rising oil prices.
USO's performance is closely tied to WTI light crude prices, which have significantly increased, benefiting the fund.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 80
POSITIVE IMPACT
Valero Energy Corporation is among the top 10 performers in the S&P 500, with a 36.10% price increase YTD, benefiting from rising oil prices.
VLO's performance is directly linked to the increase in oil prices, making it a significant beneficiary of the current energy market dynamics.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
The Energy Select Sector SPDR Fund (XLE) is up 16% YTD, outperforming all other S&P 500 sectors due to the surge in oil prices.
XLE's significant YTD performance is a direct result of the rising oil prices, making it a top performer among S&P 500 sectors.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 95
POSITIVE IMPACT
Exxon Mobil Corp. is set to report its Q1 2024 earnings by the end of April, with expectations high due to the favorable oil market.
XOM's upcoming earnings report is highly anticipated, given the current positive trends in the oil market.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 85