3 Energy Companies to Gain on Rock Solid Balance Sheet
COPConocoPhillips(COP) ZACKS·2024-07-11 22:32

The price of West Texas Intermediate (WTI) crude oil is trading at more than the 80perbarrelmarkandislikelytoremainstrongthisyear.TheU.S.EnergyInformationAdministration(“EIA”)projectsWTIoiltoaverage80 per barrel mark and is likely to remain strong this year. The U.S. Energy Information Administration (“EIA”) projects WTI oil to average 82.03 per barrel in 2024, a notable increase from last year's 77.58.EIAnotedthatongoingreductionsinglobaloilstockpilesareexpectedtocontinuepushingcommoditypricesupward.Whilecrudepricesstayfavorable,thelikelihoodofthecommodityreaching77.58. EIA noted that ongoing reductions in global oil stockpiles are expected to continue pushing commodity prices upward.While crude prices stay favorable, the likelihood of the commodity reaching 100 per barrel, as seen in ...