Energy Fund Manager Predicts Major Upside For Oil Equities

Ninepoint Energy Fund’s Eric Nuttall sees a strong year ahead for oil stocks, which have been lagging behind the surge in oil prices, citing unprecedented draws in oil inventories. Nuttall, who manages Canada’s largest energy mutual fund, says “the macro backdrop for oil has never been as positive” in his career, and while oil stocks are not soaring along with crude prices that have recently been flirting with $95 per barrel, this is the time to invest. 

Global Appetite For Canadian Crude Grows Amidst Supply Cuts

Last week, Canada’s Prime Minister pledged to the UN General Assembly that he would cap emissions from the country’s oil and gas industry this year. Interestingly, the only leaders allowed to speak at the gathering were those who had made firm climate change commitments, and even though Trudeau was among them, he was criticized for the fact that “Canada was one of the largest expanders of fossil fuels last year,” per a CBC report.