Oil prices closed at their best level of 2023 on Friday. Get ready for related stocks to climb, says BTIG.
While energy stocks will likely struggle to match last year’s blowout performance, a recent crude bounce may be setting the wheels in motion for the sector to regain a leadership spot, say some strategists.
Oil prices CL.1, -0.06% rose for a third straight month in August, thanks to tighter supplies that outweighed worries over weak China and overall energy demand. A so-called golden cross pattern also has some technicians optimistic about a move higher for the commodity. With a year-to-date percentage gain of 2.8%, the S&P 500 energy sector XX:SP500.1010, which includes heavyweights such as Chevron CVX, +1.99% and Exxon Mobil XOM, +2.10%, is about the sixth-best performing sector, though well behind the 44% return seen for information technology. Down 11.
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