The energy sector has pulled up from behind to overtake nearly every other sector of the market this year and may still have room to advance, according to analysts. Energy is up 17% for year, significantly outpacing the 9% gain for the S & P 500 and second only to the media and entertainment sector, which is up 20%. Energy is the best performer over the past month with a gain of nearly 14%.
JPMorgan recently forecast that Brent futures could hit $100 a barrel by September. The oil rally has been driven by a tightening global supplies as economic growth is robust and a coalition of OPEC+ members voluntarily slash production by 2.2 million barrels per day. Mounting geopolitical tensions are also raising fears of supply disruptions, as Ukraine repeatedly attacks Russian oil refineries while Israel and OPEC member Iran teeter on the brink of a direct confrontation.
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