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Tom Lee says ‘total power advanced is a purchase’ as financial system roars again 

Oil storage containers are seen, amid the coronavirus illness (COVID-19) pandemic, in Los Angeles, California, U.S., April 7, 2021.

Lucy Nicholson | Reuters

Fundstrat World Advisors co-founder Tom Lee advised CNBC on Tuesday that he stays bullish on the power sector because the U.S. financial system recovers from the coronavirus pandemic.

“I believe all the power advanced is a purchase,” Lee mentioned on “Quick Cash.” “Structurally, the business and in addition the power corporations are actually seeing the very best supply-demand alignment in additional than 10 years.”

The power sector was hit onerous by the pandemic, as demand for oil fell amid a pointy discount in journey. The rollout of Covid vaccines and optimism across the financial reopening has reignited demand, serving to push the value of oil larger whereas lifting the shares of power corporations.

The Power Choose Sector SPDR Fund, which trades below the ticker XLE, is up almost 34% yr to this point. The S&P 500, for comparability, is up greater than 10% to date in 2021.

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