The setup for the benchmark Oil indices of Brent Crude and West Texas Intermediate to soar over $100 was all in place. Massive Saudi and OPEC+ production cuts, U.S producers halting drilling in some regions, and then the perfect storm: a Hamas attack on Israel, which started yet another war in the oil-rich Middle East.
Did oil explode to $100 and higher? Hardly, demand concerns and a weakening Chinese economy future started the selling. Add in Russian exports increasing in addition to rising inventories and short-sellers pounding the stocks on demand concerns, and you have just a few of the issues that have sent oil prices for both of the significant benchmarks back to levels last seen in July.
So what happens now? The Saudi Arabian government and OPEC+ have zero interest in oil staying at current levels, and there are a few scenarios that could play out for those looking to grab energy stocks now, with some at their lowest levels in almost four months.
We screened our 24/7 Wall St. energy database for companies many on Wall Street feel could double by 2030. With legacy energy and clean energy stocks getting hammered since September, now is the time to grab five companies that could be much higher seven years from now.
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