Up 20% to 100%, Can These 3 Oil Stocks Keep Beating the Market In the Second Half of 2022?
The stock market has been abysmal in 2022. The S&P 500 tumbled more than 20% during the first half of the year, its worst starting performance in 50 years. Red hot inflation -- fueled partly by surging energy costs -- has wreaked havoc on the stock market this year.
However, while 2022 has been rough for most stocks, it has been a banner year for the oil patch. Several oil stocks have soared this year. Chevron (NYSE: CVX) and Devon Energy (NYSE: DVN) rallied more than 20% during the first half, while Occidental Petroleum (NYSE: OXY) was up over 100%. Here's a look at what fueled those big rallies and whether these oil stocks can continue outperforming in the second half.
Energy prices have skyrocketed this year. Oil prices soared 50%, pushing crude to over $100 a barrel. That drove prices at the pump to a record of over $5 a gallon in the U.S. Meanwhile, natural gas rocketed over 50% in the U.S. this year.
Source Fool.com
