High demand and rising prices have benefited oil and gas companies greatly this year. Oil prices rebounded after a short dip as worries about COVID-19’s omicron variant are overblown. Wall Street analysts expect oil & gas stocks Crescent Point (CPG) and TransGlobe (TGA), which are currently trading at less than $10, to rally by more than 25% in the near term. Read on to learn more. The United States Energy Information Administration estimated in their short-term outlook report that 8.90 million barrels per day of oil and gasoline were consumed worldwide in October. That figure is approximately 4.50 millions b/d less than the October 2020 estimate. EIA also predicts that the global consumption of oil and liquid fuels is expected to rise by 3.30million b/d by 2022.

In the nine first months of the year, profit for the top 24 oil and natural gas companies was $174 billion. Due to the skyrocketing prices of gasoline, they also made a profit of $74 billion in the third quarter. Following a short dip, oil prices rebounded by $2 on December 7, with Crude futures climbing 2.7% to $75.05 per barrel, and West Texas Intermediate up 3.2% to $71.74 per barrel, on easing omicron concerns and the stalling of Iran’s nuclear talks.

We believe it is reasonable to place a bet on low-cost oil and gas stocks Crescent Point Energy Corp., (NYSE:), and TransGlobe Energy Corporation. Wall Street analysts expect that the stock will rise by 25% or more in the short term.

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