Eric Nuttall: Energy stocks remain woefully undervalued despite the massively bullish backdrop

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Don\u0027t let fears of recession, or a mistaken belief that energy stocks are appropriately valued, keep you from seeing what we see. Read more.

and the price will fall when peace comes; and energy stocks must already be fairly valued after such a strong rally over the past two years.Article content

Global inventory levels entered 2022 at already low levels and look to decline further to multi-year lows even with strategic petroleum reserve releases. Adjusting for what should be a temporary soft spot for Chinese demand due to regional lockdowns, the oil market is estimated to be undersupplied by one to 1.5 million barrels per day.

 

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