Crude oil and gas prices are expected to remain higher in the upcoming months due to robust demand worldwide and tight supplies, boosting the energy sector’s growth prospects. Therefore, quality energy stocks Energy Transfer LP (ET), CVR Energy, Inc. (CVI), and Euronav NV (EURN) could be solid buys, all trading under $35.
The Organization of the Petroleum Exporting Countries (OPEC) forecasts world oil demand to rise by 2.44 million barrels per day (bpd) to average 102.1 million bpd in 2023. Next year, global oil demand is expected to grow by 2.25 million bpd. Developing economies, led by China, will account for most of this year’s demand growth, OPEC said in its Monthly Oil Market Report (MOMR).
