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Bloomberg reported that ‘the S&P 500 Energy Index has outperformed the broader S&P 500 by 21 percentage points so far this year, with the top-performing stock, Devon Energy Corp., gaining a whopping 167%’.
Now, energy stocks have outperformed the broader market for the first time since 2016! Moreover, analysts believe that this trend will continue despite the global shift to renewable energy resources.
“There’s a massive appetite to invest in it because it’s just spewing out cash right now,” said Rafi Tahmazian, whose energy producer-focused fund is up 91.2% year to date.
As usually, opinions are divided. Some experts predict that oil prices may experience a correction. WTI oil (XTI/USD) is expected to drop to $66 per barrel by the end of the first half of 2022 and $65 per barrel by the year-end. Still, Tahmazian claimed energy companies could continue to be profitable with lower oil prices.
However, the OPEC+ alliance has upgraded the global oil demand forecast for the first quarter of 2022. The OPEC members believe that the omicron impact will be mild and short-lived. Indeed, the outlook for more robust demand in combination with the current supply limits can keep oil prices afloat.
XBR/USD is moving inside the ascending channel. The key resistance level lies at $80.00. If crude oil manages to break above this level and close there, then oil has all chances to rally further to the October peak at $85.00. Support levels are at the intersection of the 50-week moving average and the lower trend line at $71.50 and $68.00.
Royal Dutch Shell #RDSB
Linde Plc #LIN
Anglo American Plc #AAL
XTI/USD (WTI oil)
XBR/USD (Brent oil)
XNG/USD (Natural Gas)
Predicting oil prices is a difficult job at the best of times. Still, it is increasingly difficult as COVID-19 and its variants continue to suspend consumers' plans and disrupt the balance between oil demand and supply.
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The year started only a couple of weeks ago, but we already have a lot of fascinating movements in various trading instruments. To help you in trading, we choose several forex pairs that may surprise you and plunge greatly in a short period.
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