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The Third Quarter Announcement Season Is Winding Down & Energy Stocks Were the Big Winners

Released on Tuesday, November 15, 2022ENERGY
The Biden Administration tried to manipulate crude oil prices by releasing 1 million barrels per day from the Strategic Petroleum Reserve (SPR), but now that the SPR has been depleted to the lowest level since 1980, the administration has to stop draining the SPR. Furthermore, OPEC+ is cutting production, which is setting up energy stocks for a massive rally in the spring when seasonal demand increases. Europe is striving to break away from Russia's energy and has yet to lock up sufficient supply for 2023. The G-20 meeting in Indonesia revealed that international tension remains acute and that Russia has created havoc around the world as well as increasing the risk of World War III breaking out. Domestically, the aftermath of the mid-term elections is expected to have monumental consequences for 2023 and beyond that should be very positive for the domestic energy industry.

Louis Navellier
Growth Investor, Breakthrough Stocks, & Accelerated Profits, Editor

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