Energy Stocks Sparkle Amidst S&P 500 Leaders
Three energy stocks now stand out amongst the top 10 performers within the S&P 500 year to date, marking a remarkable shift from the energy sector’s lackluster performance in 2023.
The surge in oil prices has been a key driver of this outperformance, with the West Texas Intermediate (WTI) light crude, monitored by the United States Oil Fund USO, spiking by 20% so far this year.
This sharp increase in prices stems from a confluence of factors, including heightened global demand, restrained OPEC+ supply, and escalating tensions in the Middle East, notably between Israel and Iran.
The latest forecast from the U.S. Energy Information Administration (EIA) suggests that Brent crude oil’s spot price will hit an average of $90 per barrel in the second quarter of 2024, a $2 increase from previous estimates.
Projections for the average price for the full year of 2024 have been lifted to $89 per barrel, reflecting expectations of substantial global oil inventory draws in the coming quarter amidst ongoing geopolitical uncertainties.
In another indicator, retail gasoline prices are anticipated to average $3.60 per gallon for 2024, nudging up from the earlier outlook of $3.50 per gallon.
Top Energy Performers in 2024
| Name | Price Chg. % (YTD) | Sector |
| Constellation Energy Corporation CEG | 59.83% | Utilities |
| Marathon Petroleum Corporation MPC | 42.65% | Energy |
| Valero Energy Corporation VLO | 36.10% | Energy |
| Diamondback Energy, Inc. FANG | 32.23% | Energy |
Here is a highlight of large-cap U.S. energy companies expected to announce their Q1 2024 earnings by the end of April:
- Friday, Apr. 12, 2024: Kinder Morgan Inc. KMI
- Friday, Apr. 19, 2024: Schlumberger N.V. SLB, Woodside Energy Group ADR WDS
- Tuesday, Apr. 23, 2024: Halliburton Company HAL
- Wednesday, Apr. 24, 2024: Cenovus Energy Inc CVE, EQT Corp. EQT
- Thursday, Apr. 25, 2024: Valero Energy, Hess Corp. HES
- Friday, Apr. 26, 2024: Exxon Mobil Corp. XOM, Chevron Corp. CVX, Phillips 66 PSX, Imperial Oil Ltd IMO
- Tuesday, Apr. 30, 2024: Marathon Petroleum, ONEOK Inc. OKE, MPLX LP MPLX, Diamondback, Cameco Corp. CCJ
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