Tom Lee says ‘whole power complicated is a purchase’ as economic system roars again

by akoloy

Oil storage containers are seen, amid the coronavirus illness (COVID-19) pandemic, in Los Angeles, California, U.S., April 7, 2021.

Lucy Nicholson | Reuters

Fundstrat Global Advisors co-founder Tom Lee instructed CNBC on Tuesday that he stays bullish on the power sector because the U.S. economic system recovers from the coronavirus pandemic.

“I think the entire energy complex is a buy,” Lee stated on “Fast Money.” “Structurally, the industry and also the energy companies are really seeing the best supply-demand alignment in more than 10 years.”

The power sector was hit exhausting by the pandemic, as demand for oil fell amid a pointy discount in journey. The rollout of Covid vaccines and optimism across the financial reopening has reignited demand, serving to push the worth of oil larger whereas lifting the shares of power corporations.

The Energy Select Sector SPDR Fund, which trades beneath the ticker XLE, is up practically 34% 12 months so far. The S&P 500, for comparability, is up greater than 10% to date in 2021.

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