My last article on Energy Transfer LP (NYSE:ET), published in Oct 2023, argued for a strong buy thesis. The argument was largely built on the potential for oil price recovery, considering catalysts like the persisting inflation and the Israel-Gaza conflict. Energy Transfer stock prices have indeed rallied strongly after that, by almost 13% (see the next chart below). The stock price now sits near a 52-week high, and also close to the highest level in more than 4 years. Combined with the stock’s generous dividends, the total return is more than 18%.