A long-awaited rally in crude oil prices has helped the Club's three oil-and-gas companies become some of our top-performing stocks over the past month.
Brent crude, the global oil benchmark, and West Texas Intermediate crude, the U.S. oil standard, have both climbed by more than 10% since late June.
Energy stocks linked to crude — including Club names Halliburton (HAL), Coterra Energy (CTRA) and Pioneer Natural Resources (PXD) — have risen on oil's fortunes.
U.S. producers also have shown restraint, Kumar told CNBC, with domestic crude production hovering around 12.3 million barrels per day all year .
Moreover, a year-over-year drop in U.S. rig counts points to "a bit of a decline in oil production" down the road, Kumar said.
Persons:
we're, Brent, Cowen, Jason Gabelman, Gabelman, Truist's Neal Dingmann, Dingmann, Mizuho, Nitin Kumar –, –, Kumar, Baker Hughes, Goldman Sachs, Halliburton, Ukraine —, Truist's Dingmann, Jim Cramer's, Jim Cramer, Jim, Suzanne Cordeiro
Organizations:
West Texas, Halliburton, HAL, Coterra Energy, Natural Resources, Bausch Health, CNBC, Bloomberg, of Petroleum, Wall, AFP, Getty
Locations:
U.S, Saudi Arabia, Russia, OPEC, Ukraine, Texas, New Mexico, Stanton , Texas