Oil prices are currently down by more than 30% from their 52-week highs, but analysts still see opportunity in energy stocks
on Russian-origin crude oil negotiated by the EU, the G7, and Australia. OPEC+ had earlier agreed to cut output by two million bpd, about two per cent of world demand, from November until the end of 2023.Still, oil prices are down more than 30% from their 52-week highs while, curiously, the energy sector is within just four percent of its high. Indeed, over the past two months, the energy sector’s leading benchmark, the, has climbed 34% while average crude spot prices have declined 18%.
The Energy sector has reported the highest earnings growth of all eleven sectors at 137.3% vs. 2.
The analysts note that commodity prices have declined from very high levels earlier in 2022, but have predicted that prices are likely to remain cyclically strong through 2023. This, combined with modest growth in volumes, will support strong cash flow generation for oil and gas producers. Moody’s estimates that the U.S. energy sector’s EBITDA for 2022 will clock in at $$623B but fall to $585B in 2023.
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