Are Oil Stocks Due For A Correction?

Crude oil prices have eased past $120/bbl to their highest levels in three months after Saudi Arabia raised the official selling price of its Arab light crude to Asia. Energy traders remain largely bullish that supplies will remain tight and continue supporting high oil prices given short-term supply outlooks.  Citing tighter market balances, several analysts have raised their oil price targets, with Citi saying that they expect Russian production and exports to fall by 1M-1.5 M bbl/day by year-end 2022. Not surprisingly, several oil stocks…