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Last Thursday, due to a mild weather forecast, United States natural gas futures were down for a fourth session, with market sentiment turning bearish. In addition, the Moderna (NASDAQ:MRNA), Inc. MRNA) CEO’s, voicing of concerns over the effectiveness of the current vaccines against the new COVID-19 variant, caused global oil prices fall 3% on November 30 amid rising omicron cases and the imposition of travel restrictions by several countries.
Although oil prices recovered somewhat today with the hope that the new variant is less damaging than its predecessors, they are still trading well below their October high of $86 per barrel. Therefore, we think it may be best to avoid fundamentally weak oil and gas stocks The Williams Companies, Inc. (WMB), Coterra Energy Inc. (CTRA), and Tellurian Inc. (TELL), which each looks overvalued at its current price.
