No one can explain the oil selloff, demand is not the issue: Eric Nuttall

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Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners, joins BNN Bloomberg to discuss why the price of crude is below US$80/bbl. He reminds the audience that demand for crude continues to grow. Furthermore, he discusses earnings from Suncor, calling quarterly profit "phenomenal". Additionally, he looks at consolidation in Canada's energy sector with Crescent Point buying Hammerhead.
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Пікірлер: 27

@rof8200 8 ай бұрын

I can guess that paper markets can only temporarily push down prices

@paulrobbo321 8 ай бұрын

It's worth remembering the leverage so the swings can be very severe and go much further either way. This can shake out non speculators who hold energy as part of a portfolio but don't concentrate and might sell out of fear of a repeat of 2020 even though that's probably very unlikely

@Ynalaw 8 ай бұрын

Dunder Mifflin stocks are up.

@Mktwiz99 8 ай бұрын

Buying more on weakness

@Doug-tc2px 8 ай бұрын

Oil is political so things can change fast but the monthly chart on XLE has a perfect head and shoulder top.

@onomatopoeia162003 7 ай бұрын

@@Doug-tc2px yup, that's geo-politics :)

@Sq7Arno 6 ай бұрын

Who know's what going on now. Somebody trying to pull a fast one? Be that as it may. Somewhere in the 2025-2030 timeframe oil (demand at least) is going to start going down one way or another. And just keep on going down. And down. And down.

@WuWuHana 8 ай бұрын

He jinx

@pattheegreat 8 ай бұрын

Oil stocks are dropping because all the analysts were so gung ho about it. Retail investors jumped in, big guys exited and retail was left holding the bags, as always. Retail will eventually leave with a big loss and big guys will all jump in again driving up the price once retail is done with selling it's part

@KS-jg6bx 8 ай бұрын

Oil drops before a recession

@Nolsie 8 ай бұрын

This. People with oil stores are selling to cover debt and losses.

@user-kt5gd2yu7l 8 ай бұрын

Already in a recession. More pain to follow.

@kimberiysmarketstrategy 7 ай бұрын

Exactly.

@kimberiysmarketstrategy 7 ай бұрын

Its because we are going to see the worst Depression of all time! Read your WTI charts. Prices drop when theres price destruction and no one can afford to go on vacations or work etc. Its getting priced in. We are in the worst inflation in 40 years (50 years by some accounts). My friends run an Airline Vacation site, they say they went dead in October & havent come back. People stopped spending & the smart ones saved for a worse off day, the others used the 39.99% interest credit cards, just look at those charts and compare the truth. Main Stream Media wont tell you that.

@martinrev8487 7 ай бұрын

If no one can explain the selloff, it wasn't a market event. It was a managed market event.

@mikec4845 8 ай бұрын

400,000,000 'paper barrels' tells you all you need to know. The derivatives market needs to be revealed but that is only for those in the know. Apparently this market is 6X what it was back in 2008-9 before that crash.