This is a follow up post of the same title only the date is different (March 2021). Here we are at the end of September, and the summer building season is sadly coming to a close. There are more signs of a major rebirth of the energy industry and the Alberta economy in general. After a period of disaster capitalism, limited investment, terrible sentiment, and other supply chain fiascos, who’d have thought that we’d emerge from a never to end pandemic and find out that energy is important? Nobody but Eric Nuttal who runs the NNRG etf, a darling of the sector. Full disclosure, I have some peanuts sprinkled into this one myself.
Alberta gets ridicule from the rest of Canada for the usual tropes, but accolades from true outsiders who label Calgary among the worlds top 50 cities, which is a really amazing award and achievement. Best place to live, lowest cost (but rising) cost of living, attainable real estate, lots of empty jobs and downtown office buildings too. Are we onto something here, maybe a major upturn in the fortunes of Alberta and another run at an energy boom that even the Liberal government cannot ruin (thanks Enbridge for buying the MVP of the Texas coastline)? Take a look at what was commonly known as the worst run energy company in the sector, one that had to hide its shame of its ridiculously compensated executives by skipping town and changing its infamous alias.
WTI - $74 Brent - $79 Gas $5.84 WCS $63 - Line 3 opening October - shrinking differentials. Massive provincial deficit shrinking too. Overrun AHS is the challenge of our society right now that cannot be fixed by any sum of money. How will these indicators change for the next half year?
Ovintiv? is on a tear, has there been a better performer since the bottom? Too bad it left town and took the employment and office space use with it to Colorado. What a difference a year and a half makes for OVV.