Energy remains an under-owned, out-of-favour, generally loathed, contrarian sector despite:
➡️record low global oil inventories
➡️record high global oil demand
➡️~1 year high natural gas prices
➡️imminent US sanctions enforcement on Russia and Iran
➡️2024 = lowest rate of growth in US shale since its inception = twilight of US shale
➡️disappointing non-OPEC supply growth
➡️strong OPEC+ cohesion and tightly held spare capacity
➡️record free cashflow / buybacks
➡️fortress strength balance sheets
➡️44% currency uplift for CDN producers
➡️many stocks trading at 15%+ FCF yields at $75 (10% at $70)