Since the Energy Select Sector SPDR FUN (NYSE:XLE) is down roughly 16% over the past month, it may be a good time to shop around for oversold equities in the oil and gas sector. Although investors are concerned about a recession slowing down the economy, natural gas prices are still at record highs.

The Natural Gas October 22 futures are hovering around $6.796 per thousand cubic feet (MCF). If there is a cold winter, especially in Europe, the global supply of natural gas will be in a worse crunch than now, as Russia has stopped the inflows of oil and gas to European countries.

Here are two high-yielding stocks that could benefit if there is a further supply crunch in natural gas.

DT Midstream Inc. (NYSE:DTM) is offering a dividend yield of 5.05% or $2.56 per share annually, making quarterly payments, with an inconsistent track record of increasing its dividends.

DT Midstream operates two segments which include pipelines and gathering, as it generates revenue from pipeline, storage and gathering systems, substantially all of which are located in the Midwestern U.S., Eastern Canada, Northeastern U.S. and the Gulf Coast.

DT Midstream reaffirms 2022 adjusted EBITDA guidance of $770 to $810 million and is forecasting adjusted EBITDA guidance of $810 to $850 million in 2023.

Also Read: Putin Pushing Europe Toward Brutal Winter? Gazprom Blames Germany's Siemens For Nord Stream Supply Halt

DCP Midstream LP Unit (NYSE:DCP) is offering a dividend yield of 4.70% or $1.72 per share annually, utilizing quarterly payments, with an inconsistent track record of increasing its dividend payments.

DCP Midstream is primarily a gathering and processor partnership with major asset bases in the Permian, Scoop/Stack, Eagle Ford and DJ Basin, and its general partner is a joint venture between Phillips 66 (NYSE:PSX) and Enbridge (NYSE:ENB).

DCP Midstream reduced absolute debt by $200 million and closed the second quarter with 2.9 times leverage. The firm also generated $254 million and $501 million of excess free cash flow for the three and six months ended June 30, 2022, after fully funding distributions and growth capital.

Photo: Mike Mareen via Shutterstock