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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (163590)	9/29/2023 1:22:59 PM
From: Goose94	Read Replies (1) of 202719

Crude Oil: Eric Nuttall says Our forecast from earlier this year has now become reality: global oil inventories have been falling at their fastest pace in history, now down to a six plus year low and likely to end 2023 at a 320MM Bbl deficit to the 2017-2019 average. We see inventories continuing to fall in 2024, owing to strong demand, disciplined production growth, and OPEC+ volume curtailments. We believe that oil will trade in a rough US$85 to US$105 barell per litre for about the next year, with the upper band dictated by Saudi Arabia given the imminent twilight of U.S. shale and the commensurate lack of short-cycle supply. In a US$90 West Texas Intermediate (WTI) context, the energy sector is trading at a 17 per cent free cashflow yield, have their strongest balance sheets in history, and within the next several months to quarters, will reach their final debt targets allowing them to pivot to returning 75 per cent to 100 per cent of their free cashflow back to shareholders. We remain bullish. BNN.ca Market Call Friday September 29th @ 1200ET

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