For the past two years, the biggest energy cheerleader on Wall Street was Goldman's commodities team, which despite getting the epic oil meltup in 2022 right (largely thanks to the Ukraine war), was caught flat-footed with the subsequent meltdown in 2023, one which sent oil and all other commodities sharply lower (no thanks to China's stubborn refusal to stimulate its economy) and may have cost Goldman commodities research chief Jeff Currie his job.
Today, with oil rising 30% from its mid-year lows, JPMorgan decided the time to hide has passed and has triumphantly come out to take the "Supercycle" baton from Goldman, with JPM energy analyst Christyan Malek writing in a note published overnight that the bank's Supercycle series (launched in Spring 2020 following an extended period of being bearish in 2013-19), is back after staying on the sidelines this year.
Echoing in part our own recent observations on the dramatic disconnect between oil and energy stocks...
