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18.08.26 - 22:48
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Jefferies Identifies High-Quality Energy And Materials Stocks As Cyclical Rotation Accelerates (ZeroHedge)
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Jefferies Identifies High-Quality Energy And Materials Stocks As Cyclical Rotation Accelerates
Jefferies analyst Lloyd Byrne wrote in a note on Monday that surging refined-product margins, stronger gas-fired power demand, and improving earnings estimates are providing clear tailwinds for energy stocks, even as valuations and technicals appear stretched.
Byrne showed that the clearest source of strength in the energy market is refining. The six-month New York Harbor diesel-to-crude spread topped $100 (HOCL1 Index on Bloomberg) and has moved in close tandem with the Energy Select Sector SPDR Fund (XLE).
Included in the "10 Charts That Mattered" report that Byrne published for clients on Monday is chart No. 9, titled "Energy & Materials Among High-Quality, High Real Rate Favorites."
He makes the case that rising refined-product margins and a high-real-rate environment favor several energy and materials stocks. Materials do not benefit from refining margins, but rather from the...
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