Trump's energy secretary pick may signal US growth in 2025
The confirmation hearing of Chris Wright, President-elect Trump's nominee for Secretary of the Department of Energy, is underway this Wednesday on Capitol Hill. Hennessy Energy Transition Fund portfolio manager Ben Cook joins Catalysts to share his insights on Wright's appointment and its potential implications of for the energy sector. Cook says this nomination "says a lot about the Trump administration's plans for unlocking the abundance of energy resource that we have here in the United States." He notes that the administration views this energy abundance as "a source of strength" in reducing regulatory barriers in the energy sector. "It's important to remember we continue to operate as an industry with a strong sense of capital discipline," he states. "The Trump administration can strongly encourage the industry to begin drilling and grow production, but ultimately it's the companies themselves that make those decisions, and as we know, they answer to the shareholders." Looking ahead to 2025, Cook projects crude oil (CL=F, BZ=F) prices will remain within the $70 to $80 per barrel range and expects US crude oil and natural gas (NG=F) production to increase. For investment opportunities in the energy sector, Cook recommends focusing on high-quality, large-cap companies. He specifically highlights Exxon Mobil (XOM), Cheniere Energy (LNG), and Suncor Energy (SU) as promising investment prospects. To watch more expert insights and analysis on the latest market action, check out more Catalysts here. This post was written by Angel Smith
