Why Oil Stocks Are Lagging Behind Soaring Crude Oil Prices

Contributing sentiments towards policy:

60% : On the other hand, two sub-industries have reported (year-over-year) earnings growth: Oil & Gas Equipment & Services (29%) and Oil & Gas Storage & Transportation (5%).
55% : Indeed, despite the recent rise in oil and gas prices, the average price of oil to date in Q3 2023 ($80.39) is still 12% below the average price for oil in Q3 2022 ($91.43).
55% : Related: Hedge Funds Are Sold On $100 Oil At the sub-industry level, three of the five sub-industries in the sector reported (year-over-year) decrease in earnings of more than 20%: Integrated Oil & Gas (-50%), Oil & Gas Exploration & Production (-44%), and Oil & Gas Refining & Marketing (-22%).
53% : At the sub-industry level, four of the five sub-industries in the sector reported revenues declines of more than 10%: Oil & Gas Exploration & Production (-27%), Integrated Oil & Gas (-26%), Oil & Gas Refining & Marketing (-14%), and Oil & Gas Storage & Transportation (-14%).
40% : Over the past couple of months oil markets have been on fire, with oil prices gaining 30% since June after Saudi Arabia and Russia announced they would extend their production cuts and exports.

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