Energy stocks have a bumper year in 2022 – it’s the best-performing sector by a mile and is expected to remain the big winner this year, according to investment veteran Louis Navellier. “I expect energy stocks to lead in 2023, because they have the strongest sales and earnings forecasts,” Navellier, who is chairman and founder of growth investment firm Navellier & Associates, told CNBC Wednesday. Navellier’s optimism comes at a slow start for the energy sector. As of Thursday morning, the sector was the worst performing sector in the S&P 500 this week, down about 3.6% over the last two trading sessions, according to FactSet data. Even so, Navellier said he remains “very bullish” on the sector. He acknowledged that natural gas prices appear “soft” today due to the European winter heat wave, but emphasized the importance of the fact that the US is not supporting crude oil prices through the release of the Strategic Petroleum Reserve. So, now is the time for “seasonal demand to start pushing crude oil prices,” Navellier told CNBC’s “Street Signs Asia.” He expects crude oil prices to “easily rise” above $100 a barrel in a few months, and eventually reach $120 a barrel during peak demand. On Thursday morning, international benchmark Brent crude futures were trading around $79 a barrel, while US West Texas Intermediate futures were around $74 a barrel. ‘Energy renaissance’ Navellier believes that last year’s energy outperformance – driven by high oil and natural gas prices at the end of supply disruptions and a strong rebound in demand – has more to go. “We are currently in an energy renaissance where the world has rediscovered the importance of fossil fuels as the G-7 seeks to wean Russia off energy,” he told CNBC in a Dec. 20 note. 30% of the S&P 500 , up from the current 6%. While Navellier likes the stock in light of the clean energy transition, he acknowledges that the shift to renewable energy will be a long process. “We obviously have green stocks like Enphase Energy or SQM, which mines lithium in Chile. But the truth is, the green energy revolution will take decades longer than my lifetime and fossil fuels are very important. I think last year. fossil fuels were 84% of world energy consumption. Two years ago, there was only 80%. So, we are actually going to go up in fossil fuel consumption now, “he said. Other stocks Navellier likes include Phillips 66, Greek liquefied natural gas operator GasLog Partners, oil refiner PBF Energy and Atlanta-based oilfield services provider RPC.