Eric Nuttall — energy fund ends two months of defense and deploys cash on an $84 2027 WTI strip

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Eric Nuttall — energy fund ends two months of defense and deploys cash on an $84 2027 WTI strip

A Ninepoint energy portfolio manager publicly turns from defense to deploying cash (posted Oct 14). He says the US policy risk he feared before the midterms, such as a diesel export ban, has largely passed. He cites a 2027 WTI strip of $84 and says some energy names are cheaper than on January 1 despite 70%+ gains. It's a sector specialist's positioning call, relevant to the exporter-economics side of the energy-disruption campaign while Hormuz flows stay disrupted.

Open on X Eric Nuttall (@ericnuttall)
Eric Nuttall✓ @ericnuttall
Oct 14

We have in our energy strategies for the past ~2 months been defensively positioned. YTD returns have been solid and we feared bad energy policy from the WH (diesel export ban, etc.) ahead of the US mid-terms. With only 20 days to go to the election, we think that risk has been

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A Ninepoint energy portfolio manager publicly turns from defense to deploying cash (posted Oct 14). He says the US policy risk he feared before the midterms, such as a diesel export ban, has largely passed. He cites a 2027 WTI strip of $84 and says some energy names are cheaper than on January 1 despite 70%+ gains. It's a sector specialist's positioning call, relevant to the exporter-economics side of the energy-disruption campaign while Hormuz flows stay disrupted.

8 events
DateTypeEvent
Oct 16 tweetMakai Research - VLCC owners slow-steam in ballast despite $600k-$1m a day earnings, propping up the freight spike Oct 9 tweetEric Nuttall — $80-plus WTI for 2027 is now on the table, with free-cash-flow yields up about half Oct 9 pickSemafor — a large tanker from the US to Asia now costs up to $77M to hire, from under $10M last year Oct 8 pickSemafor — Houthis strike Riyadh a second day as Iran steps up Hormuz attacks Oct 6 tweetFrontier Map — Europe paid 8.6 times the US gas price in September as Hormuz cut Qatar's LNG exports Oct 1 tweetEric Nuttall — exports recover to a 14.3MM bbl/d 7-day average but are still ~4MM short, and OilX has Mideast output down 6.6MM bbl/d Sep 10 tweetWinston — Permian output nearly quadrupled on flat completion counts because laterals went from 6,149 ft to 10,867 ft Sep 9 ArticleEIA September outlook: Brent near $90 in the second half, Hormuz flows gradually rising, Middle East output below pre-conflict levels until 2Q27 — article

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