Throughout the fall in the price of oil in the last year, almost all of the experts have got it wrong. When it was sitting pretty above $100 per barrel this time last year, many commentators were stating that due to high demand the oil price would keep ...
The question now is whether these three mid-cap oil stocks can deliver more gains in May - or whether now is the time to take some tactical profits, ahead of a potentially volatile summer in the oil markets.
Brent crude was comfortably above $100 a barrel a year ago, but collapsed to below $50 by January this year. However, there's been a bit of a recovery since, and we haven't seen below $60 for a couple of weeks.
In a bit of sabre-rattling last week, Argentina started legal proceedings against three UK oil explorers operating in waters around the Falkland Islands - Falkland Oil and Gas (LSE: FOGL), Premier Oil (LSE: PMO) and Rockhopper Exploration (LSE: RKH).
I doubt Tullow Oil (LSE: TLW) is about to turn the corner, and I do not believe that Premier Oil (LSE: PMO) will be taken over, as reports suggested this week, but the shares of the latter look rather cheap right now.
After more than six months of turbulence, it looks as if the price of oil has now stabilised. Indeed, after falling below $50 per barrel in January, the price of Brent crude has pushed steadily higher over the past three months.
... oil stocks, of course. Premier Oil isn't in a bad shape, and its shares are not expensive, based on fundamentals and most financial metrics - so the answer may well be yes, but only for opportunistic traders.