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March 8, 2019
Oil is down today based on weak US job numbers, Chinese trade data, and the announcement of the Norwegian State Fund selling a large portion of energy investments. This contributes to negative sentiment. We are in a market still where people are looking to not invest in the sector. Oil is up 25% YTD (excluding today) and yet some stocks are still down YTD. This has been a challenging sector for too long. Companies need to start doing significant share buybacks. The valuations are the lowest he has ever seen, they are insane.
General Market Comment
March 8, 2019
Oil is down today based on weak US job numbers, Chinese trade data, and the announcement of the Norwegian State Fund selling a large portion of energy investments. This contributes to negative sentiment. We are in a market still where people are looking to not invest in the sector. Oil is up 25% YTD (excluding today) and yet some stocks are still down YTD. This has been a challenging sector for too long. Companies need to start doing significant share buybacks. The valuations are the lowest he has ever seen, they are insane.
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners