Barclays on Global Energy Outlook: Oil Upside - Favor Upstream Biased Intergrated

Barclays on Global Energy Outlook: Oil Upside

Barclays Energy Team recommends exposure to oil & LNG markets, as oil has little spare capacity & Asian demand growing faster than market pricing in; favor upstream biased integrateds, such as Suncor (NYSE: SU) (OW rated) & Hess Corp (NYSE: HES)(OW), while positive on diversifieds including Baker Hughes (NYSE: BHI) (OW) & Weatherford (NYSE: WFT) (OW) in oil services; see further upside from Jan-May seasonal trade in refiners w/ Tesoro (NYSE: TSO) (OW) & Marathon Petroleum (NYSE: MPC) (OW) as names to own, while thermal coal less promising; recommend oil-biased E&P including EOG Resources (NYSE: EOG) (OW) & Noble (NYSE: NBL) (OW).

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