WTI Crude Hits $80, Notches Best Day In Over 2 Months: 'Peak Oil Demand Still A Decade Away'
Portfolio Pulse from Piero Cingari
WTI crude oil prices surged to $80 per barrel, marking the best day in over two months due to anticipated demand and supply constraints. The United States Oil Fund (USO) and Energy Select Sector SPDR Fund (XLE) saw significant gains. Goldman Sachs raised its long-term oil demand outlook and highlighted several Buy- and Sell-rated energy stocks.
May 28, 2024 | 7:55 pm
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POSITIVE IMPACT
Calumet Specialty Products Partners L.P. (CLMT) is highlighted by Goldman Sachs for its exposure to sustainable aviation fuel, maintaining a Buy rating.
Goldman Sachs' positive outlook on Calumet Specialty Products' exposure to sustainable aviation fuel supports a Buy rating, which could attract investors.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Canadian Natural Resources Ltd. (CNQ) is highlighted by Goldman Sachs as a free cash flow leader with a Buy rating.
Goldman Sachs' positive outlook on Canadian Natural Resources' free cash flow generation supports a Buy rating, which could attract investors.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
ConocoPhillips (COP) is highlighted by Goldman Sachs as a company with significant growth assets, maintaining a Buy rating.
Goldman Sachs' positive outlook on ConocoPhillips' growth assets supports a Buy rating, which could attract investors.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Cenovus Energy (CVE) is highlighted by Goldman Sachs as a free cash flow leader with a Buy rating.
Goldman Sachs' positive outlook on Cenovus Energy's free cash flow generation supports a Buy rating, which could attract investors.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Chevron Corp. (CVX) is highlighted by Goldman Sachs for the profitability of its projects, maintaining a Buy rating.
Goldman Sachs' positive outlook on Chevron's profitable projects supports a Buy rating, which could attract investors.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
HF Sinclair Corp. (DINO) is highlighted by Goldman Sachs for its exposure to refining margin strength, maintaining a Buy rating.
Goldman Sachs' positive outlook on HF Sinclair's refining margin strength supports a Buy rating, which could attract investors.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Devon Energy Corp. (DVN) is highlighted by Goldman Sachs as a company with significant growth assets, maintaining a Buy rating.
Goldman Sachs' positive outlook on Devon Energy's growth assets supports a Buy rating, which could attract investors.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Marathon Petroleum Corp. (MPC) is highlighted by Goldman Sachs for its exposure to refining margin strength, maintaining a Buy rating.
Goldman Sachs' positive outlook on Marathon Petroleum's refining margin strength supports a Buy rating, which could attract investors.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Petrobras (PBR) is highlighted by Goldman Sachs as a free cash flow leader with a Buy rating.
Goldman Sachs' positive outlook on Petrobras' free cash flow generation supports a Buy rating, which could attract investors.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Phillips 66 (PSX) is highlighted by Goldman Sachs for its exposure to refining margin strength, maintaining a Buy rating.
Goldman Sachs' positive outlook on Phillips 66's refining margin strength supports a Buy rating, which could attract investors.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Goldman Sachs highlights Shell plc (SHEL) as a free cash flow leader, maintaining a Buy rating.
Goldman Sachs' positive outlook on Shell's free cash flow generation supports a Buy rating, which could attract investors.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
The United States Oil Fund (USO), which tracks WTI prices, rose 3% following the surge in oil prices.
USO directly tracks WTI crude prices, which surged to $80 per barrel. This increase in oil prices led to a 3% rise in USO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The Energy Select Sector SPDR Fund (XLE) rose 1%, outperforming all other S&P 500 sectors due to the rally in energy stocks.
XLE, which tracks energy stocks, benefited from the overall rally in the energy sector driven by the surge in oil prices.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80