“Oil and gas producers have starved reserves since 2015, and the resulting scarcity could persist for years, setting up gains from today's normalized mid-cycle profits.”
“Determining that 2023’s energy profits are at “normal” or mid-cycle levels is likely a reasonable conclusion with profits back to 2008 levels. The good news for energy investors is that since 2015 the oil and gas sectors have been underinvesting in replacing reserves. Genuine scarcities may exist and may do so for a considerable period.”
Prices are point-in-time snapshots from the named provider. The verdict compares the return since entry against the band above.