Tom Lee says ‘whole energy complex is a buy-in’ as economy bounces back

Tom Lee says ‘whole energy complex is a buy-in’ as economy bounces back


Oil storage containers are seen, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, California, United States, April 7, 2021.

Lucy Nicholson | Reuters

Fundstrat Global Advisors Co-founder Tom Lee told CNBC on Tuesday he remains bullish on the energy sector as the US economy recovers from the Coronavirus pandemic.

“I think the whole energy complex is a buy,” Lee said on “Quick money.” “Structurally, industry and also energy companies have really seen the best supply-demand alignment for over 10 years.”

The energy sector has been hit hard by the pandemic, as demand for oil plummets amid sharply reduced travel. The rollout of Covid vaccines and optimism around the economic reopening have revived demand, helping to push up the price of oil while increasing stocks of energy companies.

the SPDR Fund for the Energy Sector, which trades under the symbol XLE, is up nearly 34% year-to-date. the S&P 500, for comparison, is up more than 10% so far in 2021.

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