Are Oil Stocks a Good Buy Now?

Are Oil Stocks a Good Buy Now?

While many other sectors of the stock market have recovered much of their losses, oil stocks as a group remain extremely beaten down.. While there are a few opportunities that should pay off over time, the worst is still to come for the oil industry.. But while everyone in the oil patch was staring down the competition, nobody realized just how big the COVID-19 pandemic had become, and global oil demand cratered far more than anyone expected , and on April 20, U.S. crude oil prices went negative .. Many observers look at oil prices, and see that U.S. crude prices have rebounded sharply since the day West Texas Intermediate futures went negative.. Global oil production has exceeded demand for essentially all of 2020, and over the past month, it's intensified.. There are more than 100 tankers either heading toward or already off U.S. ports delivering crude oil.. Three in particular investors should look close at include Phillips 66 ( NYSE:PSX ) , Magellan Midstream Partners ( NYSE:MMP ) , and Total SA ( NYSE:TOT ) .. Of the three, only Total operates oil production, and very little of its production is in North America so