Permian Stocks Poised for Gains as Oil Prices Remain Above $80

Oil prices have remained above $80 per barrel due to ongoing tensions in the Middle East. The high commodity prices are expected to continue supporting exploration and production activities, particularly for companies operating in the Permian Basin.

The U.S. Energy Information Administration (EIA) projects West Texas Intermediate (WTI) crude oil price at $80.88 per barrel this year, higher than last year's $65.40. The EIA estimates total crude oil production in the Permian to reach 6.78 million barrels per day this year, up from 6.60 million barrels per day last year.

Three companies with a strong presence in the Permian Basin are Diamondback Energy (FANG), ExxonMobil Holdings Corporation (XOM), and Chevron Corporation (CVX). These companies are well-positioned to benefit from the high oil prices, which will likely lead to increased production in the basin.