Wells Fargo Wells Fargo equity sector analyst Ian Mikkelsen sees higher crude prices by the end of the year,
“Recently, investor sentiment toward Energy equities has been weighed down by global economic uncertainty. These concerns are fair, in our view, as we forecast continued softening economic conditions in 2024. However, negative sentiment may prove to be shortsighted once the economy finds more stable footing, which in turn should support commodity prices. This outlook is embedded in our West Texas Intermediate oil price forecast of $85 — $95 for year-end 2024, which we would expect to drive positive performance for the Energy sector. In the near term, however, uncertainty may continue to drive periods of downside volatility for Energy equities”