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New Balance

By Elliott H. Gue on Sep. 14, 2013

Today, stock selection is critical to outperformance. Energy has always been a dynamic sector, but the rapidly shifting landscape created by the US shale oil and gas revolution means that investors need to keep on their toes.

For example, the roughly two-year bull market for Midcontinent refiners, which peaked earlier this year, ostensibly has come to an end after rising midstream capacity and other factors reduced regional price differentials.

And there’s more change to come. The petrochemical sector plans a huge build-out of ethylene crackers and propane dehydrogenation facilities to take advantage of the nation’s growing supply of inexpensive natural gas liquids. The US has become a net exporter of crude oil and has started to ramp up propane exports. Shipping liquefied natural gas to international markets is also on the agenda.

Investors have ample opportunity for profits in thus dynamic market, though they may need to be more nimble than in the past. Maintaining a diversified portfolio that includes varying degrees of exposure to all aspects of the energy value chain is a must in this environment.

 

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