(C) Reuters. 3 Energy Stocks to Buy as Oil Prices Surge
Oil prices continue to surge due to increased demand and low supply. Shares of energy stocks have risen due to these higher prices. With no end in sight, investor should consider Buy-rated energy stocks such as Royal Dutch Shell (LON:RDSa) PLC (RDS.A), TotalEnergies SE ADR (TTE), and BP PLC ADR (NYSE:BP).Oil prices jumped above $80 yesterday and show no sign of slowing down. Brent crude rose 1.5% to close at $83.65 a barrel. The price of Brent crude even hit an intraday high of $84.60 today, its highest price since October 2018. As oil prices have been increasing, and energy companies’ stocks have followed.
This is being driven by the strong pace of the global economic recovery and producers not keeping up. OPEC+, the Organization of the Petroleum Exporting Countries and allies, have held back from increasing supply even as prices have climbed. Plus, a global shortage of natural gas used to power businesses and homes may spill into the oil market.
So, the demand for oil and gas isn’t going away anytime soon. That’s why investors should consider adding energy stocks to their portfolios. I ran a screen for energy stocks in our database with an overall Buy or Strong Buy rating in our POWR Ratings system. Three of the top stocks on this screen included Royal Dutch Shell PLC (RDS.A), TotalEnergies SE ADR (TTE), and BP PLC ADR (BP), which is why I am highlighting them below.
3 Energy Stocks to Buy as Oil Prices Surge
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