The paper price of oil is around $100 per barrel, while the physical price can be up to twice as high, as shipping costs remain elevated and insurance is expensive. After nine months of conflict with Iran, the country’s export volumes are almost nonexistent and attacks on ships are keeping markets highly uncertain, although demand destruction has not yet materialized. Goldman Sachs has selected ten energy stocks, favoring ConocoPhillips, Occidental Petroleum, Permian Resources and TC Energy, while ExxonMobil and Chevron are due to report earnings on October 30. Investors are waiting for those results for insight into profits, cash flow and the industry’s outlook.
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