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While short-term supply issues can add value to oil stocks, it doesn’t make for a strong buy thesis. However, there are other reasons to believe that oil could see something of a recovery in 2021. Let’s explore three stocks that could benefit from a reversal in fortunes for the black gold in 2021. Blue-chip oil stocks to buy in the new year Canadian Natural Resources trades at just over book price and packs earnings growth potential with a high-quality dividend. One of Canada’s top producers, CNQ boast an impressive portfolio of capabilities. These cover everything from light, medium, and heavy oil to bitumen, synthetic oil, and natural gas. Enbridge may be a surer wide-moat play for oil market dominance right now, though. But even with the practically unassailable Mainline network to its name, Enbridge shareholders could still do with a pep talk in 2021. Whether its a bottleneck or a decision by OPEC+ to cut down on supplies in the new year, a boost to oil prices could see Enbridge shares trending higher. With its focus on synthetic crude, meanwhile, Suncor Energy (TSX:SU) (NYSE:SU) stands about as much to gain as anybody from a recovery in oil. 2021 is […]
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