JPMorgan says the coming energy crisis may be worse than what Europe experienced
JPMorgan on Friday pounded the table for energy stocks, as higher-for-longer interest rates further squeezes the flow of capital into new supply. Europe’s energy stocks have only gained 10% since June while oil prices have jumped 30%. JPMorgan said it’s recommending the majors over midcaps, upgrading Eni ENI, +1.48% to overweight, reiterating overweights on Shell SHEL, +0.44%, TotalEnergies TTE, +0.05% and Neste NESTE, -0.39%, and lifting Repsol REP, -0.19% to neutral. The bank raised its rating on global energy stocks to overweight from neutral, as it sees an emerging supply-demand ...
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