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3 Energy Stocks Worth Scooping Up as Crude Oil Drops More Than 10%

Stock MarketsNov 22, 2021 04:30PM ET
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© Reuters. 3 Energy Stocks Worth Scooping Up as Crude Oil Drops More Than 10%

Lately, oil has pulled back and is now down more than 10% from its recent high above $85. Over the past year, such pullbacks have proven to be great entry points. 3 oil and gas stocks that investors should consider buying on this correction are Continental Resources (NYSE:CLR), Occidental Petroleum (NYSE:OXY), and Suncor Energy (NYSE:SU). .Crude oil has been one of the best-performing assets in 2021 with a 61.9% gain. The major factor in this rise has been that demand has bounced back much faster than anticipated, and it never declined as much as expected during the pandemic and shutdowns. According to the IEA, global oil demand fell to an average of 91.5 million barrels per day in 2020 from 100.3 million barrels per day in 2019.

On the other hand, oil production was drastically cut during 2020 and has been slower to come back to pre-pandemic levels. 2019 saw production of 95 million barrels per day, while it declined to 88.4 million barrels per day. In 2021, we are expected to average around 92 million barrels per day with this figure expected to reach 100 million barrels per day over the next couple of years.

Lately, oil has pulled back and is now down more than 10% from its recent high above $85. Over the past year, such pullbacks have proven to be great entry points. 3 oil and gas stocks that investors should consider buying on this correction are Continental Resources (CLR), Occidental Petroleum (OXY), and Suncor Energy (SU).

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3 Energy Stocks Worth Scooping Up as Crude Oil Drops More Than 10%
 

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