Increased global demand for oil, driven by the reopening of the Chinese economy, could propel oil and gas prices globally this year. Additionally, the geopolitical turbulence causing supply constraints could push the prices up. Given this backdrop, let us now probe into energy stocks Marathon Petroleum Corporation (MPC) and Valero Energy Corporation (VLO).
The overall economy was hampered by macroeconomic headwinds and geopolitical turmoil. But conversely, the energy sector performed comparatively well. Over the past year, the Energy Select Sector SPDR Fund (XLE) has gained 4.1%, while the broader SPDR S&P 500 ETF Trust (SPY) plummeted 11.3% over the same period.
