Shell, BP, Harbour Energy: Oil stocks you can keep an eye on now

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 Shell, BP, Harbour Energy: Oil stocks you can keep an eye on now
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Highlights

  • On 8 March, the US Government announced that it is imposing a complete ban on the import of oil, gas, and coal from Russia.
  • By the end of this year, the UK will also completely stop the import of Russian oil. However, Russian gas isn’t banned.

The Western countries have been imposing heavy sanctions on Russia lately. On 8 March, the US government announced that it is imposing a complete ban on the import of oil, gas, and coal from Russia. The US accounts for 8% of the total Russian oil exports and thus the move would potentially hurt Russia. The oil prices are skyrocketing due to these sanctions as Russia is the largest oil exporter across the globe.

Following this, the UK government also announced a ban on Russian oil and oil products in a phased manner. By the end of this year, the UK will completely stop the import of Russian oil, however, Russian gas isn’t banned. The transition period would allow the country to adapt to the replacement of Russian oil as it constitutes 8% of the UK’s total oil demand. In comparison, entire Europe accounts for 60% of Russia’s total oil exports. The UK accounts for just 2% of Russian exports.

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The UK households, which are already suffering due to rising inflation, would be hurt even more due to the UK’s ban on Russian oil imports. Energy bills are soaring, and Brent crude touched a 14-year high of US$139 per barrel recently on Monday. The increase in oil prices could also lead to a rise in petrol prices, food costs, as well as a rise in interest rates to counter the impact of skyrocketing inflation.

The current developments are impacting the stock markets as well. Here are 3 UK oil and gas stocks that you may add to your portfolio after thorough research.

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Brent crude recently touched a 14-year high of $139 per barrel

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BP plc (LON: BP)

UK-based oil supermajor BP plc has abandoned its 20% stakes in the Russian oil company Rosneft recently. The market capitalisation of the FTSE100-listed company stood at £73,962.25 million as of 8 March 2022. BP has given its shareholders a return of 9.26% over the last one year while its year-to-date return stood at 5.34% as of 8 March 2022. BP plc’s shares were trading at GBX 371.75, down by 2.17%, around 11 AM, on 9 March 2022.

Shell Plc (LON: SHEL)

Leading oil and gas firm Shell plc has pledged on 8 March that it won’t buy any oil and gas from Russia now. The market capitalisation of the FTSE100-listed company stood at £154,956.59 million as of 8 March 2022. Shell has provided its shareholders with a return of 18.59% over the last one year while its year-to-date return stood at 13.05% as of 8 March 2022. Shell plc’s shares were trading at GBX 2,012.00, down by 1.35%, around 11 AM, on 9 March 2022.

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Harbour Energy plc (LON: HBR)

London-headquartered explorer of oil and gas, Harbour Energy plc, is the biggest independent oil and gas company listed in the UK. The market capitalisation of the FTSE250-listed company stood at £3,703.98 million as of 8 March 2022.

Harbour Energy has given its shareholders a return of 11.58% since the beginning of the year as of 8 March, however, the company’s value has gone down over the past year and its one-year return stood at -38.47%. Harbour Energy plc’s shares closed at GBX 400.60, up by 0.10%, around 11 AM, on 8 March 2022.

Note: The above content constitutes a very preliminary observation or view based on industry trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.

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