Eric Nuttall s Top Picks: April 30, 2021
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FOCUS: Energy stocks
MARKET OUTLOOK:
Oil has entered a multi-year bull market, given normalizing demand and structural supply challenges. With the successful vaccine rollout (in most areas of the world) we look for demand to reach pre-pandemic levels by the end of 2021. This will allow for OPEC to return the majority of their curtailed production back onto the market, thereby exhausting its spare capacity. The priority is the return of capital over growth and premium inventory exhaustion. The era of U.S. shale hyper growth is over; this is a watershed event for the sector given shaleâs disruptive role over the past decade, which led to price wars, billions of dollars of shareholder capital lost, and artificially low oil prices. Looking forward as inventories normalize in the coming months and head into steep deficit, we see the need for either global offshore production growth (challenged given th
Friday s analyst upgrades and downgrades - The Globe and Mail
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Whitecap touts carbon capture growth opportunities, reports Q1 record production
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