"Bank of America reported that a stunning 11 million barrels per day of production remains shut in. They noted it could take weeks, and perhaps even months, to get oil flowing again and reactivate fields."
"The huge 400 million barrel build in the second half of last year was wiped out in 5 weeks of hostilities. Future balances are tighter, and efforts to refill the strategic petroleum reserves will fuel demand."
"Four powerful companies, some with big Permian Basin exposure, are the top picks now, and all have Buy ratings, making sense for investors to take advantage of what lies ahead."
The two-week ceasefire has not resolved the underlying issues, as 11 million barrels per day of oil production remains offline. Bank of America warns that reactivating oil fields could take weeks or months, depending on the ceasefire's stability. A significant build in oil reserves was erased during hostilities. Future oil balances are expected to be tighter, with increased mid-cycle trading and strategic petroleum reserve refills driving demand. Despite recent gains, oil stocks may retract, but four major companies are still strong buy recommendations.
Read at 24/7 Wall St.
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