Summary

• Today’s energy backdrop has parallels to the late stages of 2022, where refining margins, not oil prices, became the key performance driver.
• High-quality companies in the Oil and Gas Refining and Marketing industry may be best positioned to capitalize on higher gas and diesel prices, translating macro pressures into profits.
• From large-scale operators to niche regional players, the common thread tying them together is the ability to monetize tighter refining capacity and resilient market demand.
• While risks to this theme remain, lessons from 2022 suggest more pain at the pump and further opportunities for select energy stocks.
• I am Steven Cress, Head of Quantitative Strategies at Seeking Alpha. I manage the quant ratings and factor grades on stocks and ETFs in Seeking Alpha Premium. I also lead Alpha Picks, which selects the two most attractive stocks to buy each month, and also determines when to sell them.

The Best Energy Stocks May Follow a 2022-Like Setup

Geopolitical conflict is driving energy markets in 2026, recalling the supply-driven disruptions during the early phase of the Russia-Ukraine conflict in 2022. While oil prices remain volatile with potential for more upside, gas and

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

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