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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (133232)	9/16/2022 3:52:11 PM
From: Goose94	Read Replies (1) of 202400

Crude Oil: Despite the recent selloff in oil driven by rising fears of a global recession and the potential impact on demand, we remain in a multi-year bull market for oil. With the largest release from strategic petroleum reserves in history coming to an end in the next few months and China eventually emerging from COVID-19 lockdowns, we see the oil market further tightening from an already undersupplied situation. This is evidenced by continued falling global oil inventories. We believe we are in an era of “higher” energy prices and continue to use US$100 West Texas Intermediate (WTI) in our base case modelling and stock picking for 2023. The state of the Canadian energy sector is simply incredible: record free cash flow, low-to-no debt, and a commitment to return 50-100 per cent of free cash flow back to shareholders in the coming year. With the sector trading at an estimated 29 per cent free cash flow yield at US$100 WTI, we see the likelihood of continued share buybacks and meaningful variable dividends in the coming quarters, driving a re-rating of valuations from the historic low of 2.5x EV/CF. We remain bullish. Eric Nuttall on BNN.ca Market Call Friday Sept 16th @ 1200ET

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