Feature Article Roundtable: Energy Stocks After the Rally.
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What are the main reasons energy stocks rallied so dramatically the past few weeks? Will they go higher this year?
EG: As we outlined in the last issue of Energy & Income Advisor, “Energy’s Great Guidance Re-Set,” we’re bearish on oil prices in the short term, because the supply-demand balance is weak and will remain weak even after record-sized cuts promised by OPEC+ last week.
In the short run, the big risk is that we’re running out of storage. As of April 10th, there were 54.97 million barrels of oil stored at the Cushing, Oklahoma trading hub out of total capacity of around 76 million barrels. Inventories have risen at an average rate of about 6 million barrels each week for the past two weeks; at that rate, storage will fill in between 3 and 4 weeks.
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Elliott H. Gue
Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor
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Roger S. Conrad
Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor