July 27, 2017
This year has been a waiting game so far and sentiment towards crude oil and energy equities is back to early 2016 levels.
During the webcast our Global Energy Team discusses:
• Bloated global oil inventories remaining the root cause of the problem and the market wants to see confirmation of rebalancing
• Some reasons for optimism around rebalancing but there are also many moving parts:
- Oil demand growth continues at a steady 1.0-1.5m b/day
- Cost of inflation in the US onshore will pressure well economics
- Lack of investment will bring non-OPEC (ex-US) production declines
• However, a ramp up in US activity will keep a lid on oil prices near term
- Growing and outspending is back on the agenda for US E&Ps
• Energy equities are likely to recover from very low sentiment but the market will clearly want solid data before pricing in more hope
Click here to download a PDF of the webcast presentation slides.
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