3 Energy Stocks Stand Among S&P 500's Top 10 Performers In 2024 As Oil Prices Reach $90
Three energy stocks are among the top 10 performers within the S&P 500 since the beginning of the year, representing a significant paradigm shift compared to the underperformance of the energy sector throughout 2023.
A significant factor contributing to the outperformance of energy stocks since the year’s onset has been the sharp increase in oil prices.
The West Texas Intermediate (WTI) light crude, tracked by the United States Oil Fund (NYSE:USO), has risen by 20% year to date. This surge can be attributed to a combination of factors including growing demand, limited OPEC+ supply, and escalating tensions in the Middle East, particularly between Israel and Iran.
According to the latest forecast from the U.S. Energy Information Administration (EIA), the Brent crude oil spot price is expected to average $90 per barrel in the second quarter of 2024, which is $2 higher than previous estimates.
The forecast for the average price in 2024 is $89 per barrel. This uptick reflects the EIA’s anticipation of substantial global oil inventory declines during this quarter and ongoing geopolitical uncertainties.
Additionally, the retail gasoline price is projected to average $3.60 per gallon in 2024, up from the previous estimate of $3.50 per gallon.
As of April 9, 2024, the EnergySelect Sector SPDR Fund (NYSE:XLE) is up 16% year-to-date, outperforming all other S&P 500 sectors.
3 Energy Firms Among Top 10 S&P 500 Performers Year to Date
| Name | Price Chg. % (YTD) | Sector |
| Super Micro Computer, Inc. (NASDAQ:SMCI) | 215.81% | Information Tech |
| NVIDIA Corporation (NASDAQ:NVDA) | 70.28% | Information Tech |
| Constellation Energy Corporation (NASDAQ:CEG) | 59.83% | Utilities |
| Meta Platforms, Inc. (NASDAQ:META) | 44.88% | Communication Services |
| Marathon Petroleum Corporation (NYSE:MPC) | 42.65% | Energy |
| Micron Technology, Inc. (NASDAQ:MU) | 42.55% | Information Tech |
| NRG Energy, Inc. (NYSE:NRG) | 39.77% | Utilities |
| Western Digital Corporation (NASDAQ:WDC) | 38.09% | Information Tech |
| Valero Energy Corporation (NYSE:VLO) | 36.10% | Energy |
| Diamondback Energy, Inc. (NYSE:FANG) | 32.23% | Energy |
U.S. Energy Companies Report Their Earnings In April 2024
Below is a list of large-cap U.S. energy stocks set to report their first quarter 2024 earnings by the end of April:
- Friday, Apr. 12, 2024: Kinder Morgan Inc. (NYSE:KMI)
- Friday, Apr. 19, 2024: Schlumberger N.V. (NYSE:SLB), Woodside Energy Group ADR (NYSE:WDS)
- Tuesday, Apr. 23, 2024: Halliburton Company (NYSE:HAL)
- Wednesday, Apr. 24, 2024: Cenovus Energy Inc (NYSE:CVE), EQT Corp. (NYSE:EQT)
- Thursday, Apr. 25, 2024: Valero Energy, Hess Corp. (NYSE:HES)
- Friday, Apr. 26, 2024: Exxon Mobil Corp. (NYSE:XOM), Chevron Corp. (NYSE:CVX), Phillips 66 (NYSE:PSX), Imperial Oil Ltd (NYSE:IMO).
- Tuesday, Apr. 30, 2024: Marathon Petroleum, ONEOK Inc. (NYSE:OKE), MPLX LP (NYSE:MPLX), Diamondback, Cameco Corp. (NYSE:CCJ)
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