In a landscape defined by extended production cuts from major oil-producing nations, an upswing in global oil demand, and a surge in liquid fuels production, the result has been an elevation in both oil and pump gas prices.
Consequently, it would be prudent to keep a watchful eye on the notable energy stocks Archrock, Inc. (AROC – Get Rating), Halliburton Company (HAL – Get Rating), and Newpark Resources, Inc. (NR – Get Rating) as they continue to exhibit robust momentum. Let’s understand this in detail.
Recently, the Saudi Press Agency reported that Saudi Arabia has chosen to extend its voluntary reduction of crude oil production by 1 million barrels per day until year-end. Simultaneously, Russia, the world’s second-largest oil exporter, has extended its voluntary 300,000 bpd reduction in oil exports until year-end to maintain market stability.
Given these developments, oil prices are poised to breach the $100 per barrel threshold. West Texas Intermediate crude oil has surged by nearly 30% since July, reaching a peak of $91.36 this week, and Brent crude oil has soared to a ten-month high of $94.95. Additionally, pump gas prices are climbing, with the national average now standing at $3.88.
In light of these encouraging trends, let’s look at the fundamentals of the three best Energy – Services stocks, beginning with…
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