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Highlights
- The year 2022 has been volatile due to supply shortages caused by the Russia-Ukraine war escalation and weakened overall demand from China.
- After supply issues rose due to the war, crude soared in March, with the global benchmark Brent hitting $139.13 per barrel.
- Oil prices went up on Friday, on the road to witnessing an annual gain for the second consecutive time in a highly unstable year.
prices went up on Friday, on the road to witnessing an annual gain for the second consecutive time in a highly unstable year. The year 2022 has been volatile due to supply shortages caused by the Russia-Ukraine war escalation and weakened overall demand from China, the leading importer of crude oil globally.
After supply issues rose due to the war, crude soared in March, with the global benchmark Brent hitting $139.13 per barrel, the greatest level witnessed since 2008. However, due to fears of a global recession, prices cooled down swiftly in the second half of the year.
©2022 Kalkine Media®
While commodity markets have been on a roller coaster ride in 2022, the next year also appears volatile. Investors are potentially moving towards 2023 with a more prudent approach, expecting more spikes in interest rates and a global recession.
While there are encouraging factors like a rise in the year-end holiday tourism and the ban on crude and oil product sales from Russia, the shortages of supply would likely be counterbalanced by the decreasing consumption owing to the likely worsening of the economic situation in 2023.
Taking all this into account, Kalkine Media® explores three oil stocks which have performed well in 2022.
Hunting plc (LON: HTG)
The YTD (year to date) and yearly returns given by Hunting plc, an oil and gas equipment services firm, stand at 96.87% and 108.19% as of 30 December, respectively. The company’s market cap stood at £545.95 million around 11:15 AM (GMT). At the time of writing, HTG shares were trading at GBX 333.50, surging by 0.76%, or 2.50 points. Meanwhile, the EPS (earning per share) of Hunting was standing at -0.53.
Energean plc (LON: ENOG)
The YTD and yearly returns given by Energean plc, an FTSE250-listed oil & gas exploration and production firm, stand at 51.81% and 48.85% as of 30 December, respectively. The company’s market cap stood at £2,353.70 million at around 11:15 AM (GMT). At the time of writing, ENOG shares were trading at GBX 1,298.00, plummeting by 1.82%, or 24.00 points. Meanwhile, the EPS of Energean was standing at -0.54.
Shell plc (LON: SHEL)
The YTD and yearly returns given by Shell plc, an FTSE100-listed integrated oil and gas business, stand at 44.25% and 43.58% as of 30 December, respectively. The company’s market cap stood at £164,590.17 million at around 11:15 AM (GMT). At the time of writing, SHEL shares were trading at GBX 2,339.50, tumbling by 0.43%, or 10.00 points. Meanwhile, the EPS of Shell was standing at 2.59.
