This year has been a true rollercoaster ride for the U.S. oil and gas market, but it is increasingly looking to end on a high note.
The sector is up nearly 16% over the past 10 days alone as the world moves closer to vanquishing one of mankind’s biggest threats in modern history.
The outlook keeps getting better for the oil and gas bulls.
Here are three key reasons why the bulls are likely to have the upper hand going forward.
#1. Covid-19 vaccines The oil and gas industry has been deeply out of favor over the past few years, thanks to huge supply/demand imbalances that only got much worse after Covid-19 struck. Indeed, trying to call a bottom on the bear market has largely been a fool’s errand as one step forward (OPEC production cuts) was immediately met by several steps backward (massive demand destruction due to global lockdowns).
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Source: Oil Price