Thread (1/5) Why have Oil & Gas stocks been so volatile? Since 2019, nearly all buying of CDN midcap E&Ps has come from high-turnover funds. Thus the first sign of WTI weakness had them rush to the exits. Encouragingly, low-turnover funds were the main buyer in 2Q buying $1.4 bln Image
Thread (2/5): Since 2019, most buying of CDN midcap Oil & Gas names have been from energy focused funds. Q2 was the moment where the 'Generalist' investor has finally come back (and in size), buying $1.1 bln! The sector is 'investable' again #energy #yyc Image
Thread (3/5): Importantly, some of the largest global funds are picking up CDN midcap Oil & Gas (finally). Given their AUM size, it can take multiple quarters to establish a position, suggesting there is more large block buying to come in future quarters #yeg #energy #CrudeOil Image
Thread 4/5) As CDN Oil & Gas names hinted at bigger dividends & more growth post Q1 earnings, we saw these style of funds be the dominant buyer in Q2. This theme likely continues with 2023 guidance coming soon and balance sheets allowing for more ‘shareholder friendly’ items #WTI Image
Thread (5/5) Energy security is a global theme and foreign investors continue to see CDN midcap Oil & Gas names attractive, buying $1.8 bln in Q2. (offsetting selling from CDN fund managers). With the TSX Index 19% Energy, CDN investors likely come back to the space #EnergyCrisis Image

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More from @JeremyMcCreaCFA

Aug 9
Thread (1/5): EIA Short-Term Oil Outlook Highlights

A top concern we hear from investors is the "Backwardation in the oil strip". This price reflects a recovery in crude inventories but as the EIA revisions show today, they’re back to revising inventory levels lower again #oott
Thread (2/5): EIA Short-Term Oil Outlook Highlights

Despite recession fears & high gasoline prices, global oil expected consumption was left essentially unchanged (OECD countries revised 0.2% lower; offset by non-OECD countries higher) #crude
Thread (3/5): EIA Short-Term Oil Outlook Highlights

Although no changes were made m/m, oil supply has still been revised down from Jan forecasts. This is despite WTI prices moving higher since then. Overall, shows the discipline with producers and not rushing back to drill #oott
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