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It seems the bull market in oil is back. In just the last two months, the price of oil has rallied and an astonishing 30% and isn’t slowing down. After putting in a bottom earlier this year, and more recently breaking above a major level of resistance, the trend is clearly pointing higher. The energy sector has led the market over the last week, month and three months, indicating considerable relative strength. Higher oil prices mean more profit for oil and energy adjacent companies. Enerplus ERF, Valero Energy VLO, and Parr Pacific PARR are three stocks that are likely to benefit from higher oil prices. Furthermore, each of these stocks enjoys reasonable valuations, and extremely compelling technical chart setups. TradingView Image Source: TradingView Enerplus Enerplus Corporation is a Canadian energy company engaged in the exploration, development, and production of oil and natural gas resources. With a diversified portfolio of assets across North America, Enerplus focuses on optimizing production and capitalizing on growth opportunities in both conventional and unconventional resource plays. The company’s strategic approach, combined with its commitment to operational efficiency and sustainability, positions it as a significant player in the energy sector, poised to leverage evolving market dynamics. […]
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