This year, energy stocks are on a roller coaster ride amid volatile oil prices and rising interest rates. Oil prices have declined substantially from September highs amid concerns over waning demand in China and the United States. However, OPEC (Organization of the Petroleum Exporting Countries) and its allies have announced voluntary production cuts of 2.2 million barrels per day for the first quarter of 2024 to support oil prices.
Besides, Canadian energy companies have strengthened their balance sheets amid solid performances over the last few years. Also, economists predict the Federal Reserve will slash interest rates three times next year, which could boost economic activities, thus driving oil demand. So, I believe the recent pullback in the following two energy stocks offers an excellent entry point for long-term investors.
Canadian Natural Resources
Canadian Natural Resources (TSX:CNQ) operates a diversified…
