Energy investor Eric Nuttall says global oil markets continue to struggle with a sentiment problem that’s keeping benchmark crude prices lower than they should be.
Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners, says oil prices are climbing as the markets weigh geopolitical risks.
He added that he believes the general consensus around global demand growth for oil next year is too bearish – another factor putting downward pressure on prices. “We think growth next year will be much more modest than consensus, and its not just us thinking that, it’s actually the producers saying that… and so, we think the market is simply far too bearish.”Nuttall said that U.S. president-elect Donald Trump’s “drill baby, drill” approach to energy production is “completely toothless,” and unlikely to meaningfully impact oil and gas prices.
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