Hillcrest Energy Technologies. (CSE: HEAT)
From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power a more sustainable and electrified future.
Since the beginning of this year, driven by a significant surge in oil prices, energy stocks in the US stock market have taken a strong upward turn, reversing the downward trend experienced in 2023. As of April 9, 2024, the energy sector ETF Energy Select Sector SPDR Fund (XLE) has risen by 16%, outperforming all other sectors in the S&P 500 index. Furthermore, among the top 10 best-performing S&P 500 stocks year-to-date, 3 are energy stocks.
The WTI crude oil futures prices have increased by 20% so far this year. The driving forces behind this upsurge include a continuous rise in demand, limited OPEC+ supply, and escalating tensions in the Middle East, particularly between Israel and Iran. According to the latest forecast by the US Energy Information Administration (EIA), the average spot price of Brent crude oil in the second quarter of 2024 is expected to be $90 per barrel, with the annual expected average price also revised upward to $89 per barrel.
Just a few months ago, there wasn’t much optimism among investors regarding oil and natural gas, with the entire market’s focus centered on the Magnificent Seven. However, in March, the energy sector saw a significant rise, with an increase of up to 10%, while the S&P 500 index rose by 3.1% during the same period. Last week, the energy sector even recorded its first closing record since June 2014. With the recent strong surge, energy stocks have outperformed major technology stocks. Year-to-date, the Nasdaq 100 index has risen by less than 10%.
Stock prices of major oil companies have seen widespread increases, such as ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX), and ConocoPhillips (NYSE: COP), all witnessing a 12% increase last month. Refinery companies’ stock prices have also soared, with Marathon Petroleum Corp (NYSE: MPC) rising by 42% year-to-date as of last Monday and Valero Energy Corp (NYSE: VLO) by 38%.
The following are the top 10 S&P 500 stocks with the highest price increases year-to-date:
| Name | Price Chg. % (YTD) | Sector |
| Super Micro Computer, Inc. (NASDAQ:SMCI) | 215.81% | Information Tech |
| NVIDIA Corporation (NASDAQ:NVDA) | 70.28% | Information Tech |
| Constellation Energy Corporation (NASDAQ:CEG) | 59.83% | Utilities |
| Meta Platforms, Inc. (NASDAQ:META) | 44.88% | Communication Services |
| Marathon Petroleum Corporation (NYSE:MPC) | 42.65% | Energy |
| Micron Technology, Inc. (NASDAQ:MU) | 42.55% | Information Tech |
| NRG Energy, Inc. (NYSE:NRG) | 39.77% | Utilities |
| Western Digital Corporation (NASDAQ:WDC) | 38.09% | Information Tech |
| Valero Energy Corporation (NYSE:VLO) | 36.10% | Energy |
| Diamondback Energy, Inc. (NYSE:FANG) | 32.23% | Energy |
Below is a list of large-cap U.S. energy stocks set to report their first quarter 2024 earnings by the end of April:
