The energy market is growing rapidly this year, owing to robust oil and gas demand, increasing geopolitical tensions, and improved drilling activity. Therefore, it could be wise to invest in fundamentally strong energy stocks Ultrapar Participações S.A. (UGP), Precision Drilling Corporation (PDS), and Adams Resources & Energy, Inc. (AE) for solid gains in April.
Oil demand is rising, with higher-than-expected 1.7 mb/d levels for the first quarter of 2024. Most recently, the Energy Information Association (EIA) lifted total global consumption forecasts for 2024 by 0.5% to 102.91 million bpd.
