Oil Price19 Jul 2021 21:11
Energy stocks do not need higher oil prices to be able to appreciate meaningfully higher, especially given the past weeks sell off and most importantly the prior lack of wider market participation in the sector gains as oil rose to $75.
Massive oil stockpile draws ahead as global activity accelerates which will put a floor under price and what level of sector shares will companies repurchase with free cash flow generated and a reduced level of exploration investment due to large activist share holders.