Is BP Stock a Buy?
BP (NYSE: BP) has been on a tear lately, and long-term investors will be the first to tell you that this type of price action is not typical for the oil major. The stock is currently trading just north of $29, up over 85% off the pandemic lows, which begs the question -- can the stock keep going?
OPEC+'s willingness to maintain production cuts that the organization had made to combat the fall in demand brought about by the pandemic has been a boon for BP. . The results of the cuts speak from themselves. WTI and Brent crude are both up more than 100% compared to this time last year and are well on their way to all-time highs. This is ahead of winter which could further strengthen demand. As seen below, the demand is even pushing up natural gas prices and has greatly expanded refining marker margin in the key markets.
Source: BP.
Source Fool.com
