The robust oil and gas demand, coupled with dwindling supplies, may trigger a price surge, creating significant impetus for the energy sector. Against this backdrop, fundamentally strong oil and gas stocks Santos Limited (SSLZY), Ultrapar Participações S.A. (UGP) and Martin Midstream Partners L.P. (MMLP), trading under $5, could be solid buys now.
Global oil demand continues to show promising growth prospects. OPEC’s monthly magazine indicates that the core factors influencing the oil market remain strong. It made minor upward revisions to its 2023 global oil demand growth forecast, maintaining its relatively lofty prediction for 2024.
