Several top U.S. oil stocks were in buy ranges Tuesday as crude oil prices rose amid OPEC+ production disruptions.
Diamondback Energy (FANG), EOG Resources (EOG), Pioneer Natural Resources (PXD), and Diamondback subsidiary Viper Energy Partners (VNOM) are all in buy ranges. While Matador Resources (MTDR) is near a buy point.
Oil prices rallied Tuesday, as the U.S. Energy Information Administration delivered a bullish view on global oil demand in its latest Short Term Energy Outlook, released on Tuesday. But it also expects supply to increase as it sees U.S. oil production averaging a record-high 12.4 million barrels per day in 2023.
Europe’s Brent crude benchmark rose 3.4% on Tuesday to $83.64 per barrel. U.S. crude jumped 43.9% to $81.29. Natural gas futures gained 3.5%.
“We expect global demand for petroleum products to return to and surpass pre-pandemic levels this year, but crude oil production grows at a faster rate in our forecasts,” said EIA Acting Administrator Steve Nalley. “We expect that as crude oil production increases, inventories will begin to replenish and help push prices lower for gasoline, jet fuel, and other products in the short term.”
The EIA, the information arm of the U.S. Energy Department, will report weekly U.S. stockpile and production data Wednesday morning.
U.S. Oil Stocks In Buy Range
Among top U.S. oil stocks, Diamondback shares rose 2.5% to 124.36 on the stock market today. That put the U.S. shale producer just beyond a buy range after breaking out of a consolidation with a 117.81 entry point.
EOG climbed 4.2% to 102.20. The stock is nearing the top of a buy range after breaking out of a cup base with a 98.30 entry point. The buy range runs to 103.22. The stock has a 99 Composite Rating. The Composite Rating compiles scores on key fundamental and technical metrics: earnings and sales growth, profit margins, return on equity, and relative price performance. Investors should focus on stocks with a Composite Rating of 90 or higher.
EOG is also the top-ranked stock in IBD’s Oil & Gas-U.S. Exploration & Production…