From Hormuz to Calgary: How Eric Nuttall Is Positioning for the Next Energy Surge
How geopolitical bottlenecks, refined product scarcity, and decade-long reserves are positioning Canada’s integrated oil giants for asymmetric market upside.

Geopolitics has a funny way of turning volatile energy markets into high-stakes poker, and right now, the Middle East holds a hand that is squeezing global pockets.
With Iran tightening its influence over the Strait of Hormuz, the vital transit choke point for roughly 20 million barrels per day, refined products have surged into uncharted territory. Diesel prices hitting historic highs near $250 per barrel and U.S. gas creeping past $4 a gallon are clear warning shots. With the U.S. Strategic Petroleum Reserve drained to levels not seen since 1983 and 10-year Treasury yields pushing 4.8 percent, the global supply chain is gasping for air.
While political pressure mounts ahead of U.S. midterms, seasoned portfolio managers are ignoring short-term political noise to play what Ninepoint Partners manager Eric Nuttall calls "the day after." The underlying fundamental truth remains undeniable: even if conflict subsides, global inventories will require a massive restocking effort demanding roughly 450,000 barrels per day over the next three years. This structural deficit shifts the global energy axis firmly toward North American security of supply, placing Canadian producers directly in the driver's seat with decade-long inventory horizons and expanding egress capacity.




