Russia is the world’s largest natural gas exporter and the world’s second-largest crude oil supplier. The West has imposed economic sanctions on Russia as a result of its invasion of Crimea. Oil prices have risen as a result of the sanctions, with the Brent crude price reaching an all-time high. The cost of gasoline and diesel is soaring across the United States. If the Russian situation in Ukraine worsens, oil prices might rise by $30 per barrel. It’ll only be a matter of time before oil supermajors start profiting from the current high prices. According to Tom Kloza, an oil embargo could be on the horizon. Europe is “desperate” for Russian oil, but the United States is far less reliant. He feels that the economy is on the verge of a recession, based on market indicators. At BofA Securities, Ethan Harris is the head of global economics research. Oil shocks, he says, do not benefit the Fed since they raise prices and slow economic growth. The Fed is not attempting to harm the economy by raising interest rates; rather, it is attempting to gradually normalize inflationary pressure.
Insider Monkey highlighted oil predictions for 2022 and 10 stocks to watch. Laredo Petroleum, Inc. is an independent energy company focused on oil and natural gas exploration and development in West Texas’ Permian Basin. The corporation was founded in 2006 and is based in Tulsa, Oklahoma. Delek US Holdings, Inc. is a holding company that has assets in the petroleum refining and renewable fuels industries. In Q4 2021, 17 hedge funds were bullish on the firm, compared to 13 in Q3 2021. In 2021, the company expected to invest up to $260 million in additional stores and its Permian Gathering business, after completing a number of projects. Enterprise Products Partners L.P. traded slightly higher after Q4 adjusted earnings missed projections, while revenue soared to $11.4 billion from $7 billion in 2020, well exceeding expectations. The company’s asset base is well-diversified and of high quality, and it mostly services fixed-fee contracts. On January 27, Murphy Oil Corporation issued a $0.15 per share quarterly dividend. The corporation earned $168.40 million in the fourth quarter of 2021, or $1.08 per diluted share. Its $738.95 million in revenue was also higher than expected. PDC Energy, Inc. has paid $1.3 billion for Great Western Petroleum LLC, a Colorado-based basin operator. Revenue increased by 206.80% year over year to $854.64 million, surpassing expectations by $202.54 million. For more details, click Oil Predictions For 2022 And 10 Stocks To Watch.
