While crude oil has marched higher in 2023, many energy stocks haven’t embraced the advance, with Dow member Chevron (CVX US) continuing to rotate around the $US160 area. Assuming we don’t see a significant escalation of tensions in the Middle East sending oil above $US100, it is hard to become overly excited about this part of the Energy Sector.
- We can see CVX eventually testing the $US140 area if the oil price remains controlled. It is not a great read-through for the ASX energy stocks.
MM is neutral at best toward Chevron Corp (CVX US)
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