Permian Stocks Poised for Gains as Oil Prices Stay Above $90

Oil prices have been stuck around $90 per barrel due to ongoing tensions in the Middle East, but energy stocks remain attractive despite market uncertainty. The U.S. Energy Information Administration projects WTI crude at $84.65 per barrel for this year, higher than last year's $65.40.

The high oil prices are expected to continue supporting exploration and production activities, particularly in the Permian, the most prolific basin in the United States. Total crude oil production in the Permian is estimated to be 6.76 million barrels per day this year, up from last year's 6.57 million.

Three key players operating in the Permian are Diamondback Energy (FANG), ExxonMobil Holdings Corporation (XOM), and Chevron Corporation (CVX). These companies have strong footprints in the region and are well-positioned to capitalize on the ongoing strength of oil prices.