The Energy Bull Roars: Eric Nuttall’s Must-Own Stocks for 2025
A sharp, conviction-driven look at natural gas dominance, the shifting oil market, and the energy stocks Eric Nuttall says are built for the next great supercycle.
Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners, is once again sending a clear message to investors. Natural gas is stepping into a structural bull market with momentum that is only just beginning to register across the broader market. According to Nuttall, both Canada and the United States are on the cusp of a massive surge in LNG demand, rising from roughly eighteen billion cubic feet per day today to more than thirty billion by 2030. Add the explosive growth in electricity consumption driven by hyperscalers, which he estimates at another ten billion cubic feet per day, and the scale of the coming demand wave becomes undeniable.
The forward strip for natural gas from 2026 to 2029 averages around four dollars per million cubic feet. That level also represents the marginal cost of supply across major producing regions. With many large natural gas companies trading at free cashflow yields above ten percent and possessing decades of stay flat inventory, Nuttall argues that natural gas is no longer a transition fuel. It has become the fuel of today and the fuel of tomorrow. His expectation is that natural gas producers will see significant valuation expansion over the coming several years as fundamentals tighten.
A Divided Oil Market: Short Term Pressure Meets Long Term Strength
Nuttall’s tone becomes more cautious when shifting to oil. He points to an unusual surge in oil on water resulting from Russian sanctions and higher physical output from OPEC member states. This trend is likely to build global onshore inventories over the near term, reducing the chance of a meaningful rally unless a serious geopolitical catalyst emerges.
Yet the medium term story is entirely different. Nuttall expects the world to confront a tightening oil market beginning in 2026 as US shale enters a natural decline phase at the same time OPEC normalizes or exhausts its spare capacity. With demand around one hundred six million barrels per day and spare capacity just over one million, the setup is increasingly bullish. Once these barrels are fully absorbed, he sees oil easily exceeding seventy dollars WTI and ultimately challenging all time highs.
His message is consistent. Short term noise may limit upside, but the structural forces driving the medium term market are powerful and increasingly unavoidable.
Whitecap Resources (WCP, TSX)
Nuttall’s first top pick, Whitecap Resources, trades on the Toronto Stock Exchange under the ticker WCP. It remains one of the most attractive large cap oil producers in Canada. With more than twenty five years of premium stay flat inventory and a thirteen point five billion dollar market capitalization, Whitecap is big enough to matter to institutions yet still undervalued relative to peers.
The company’s dividend yield sits at six point six percent and remains sustainable even if oil falls to fifty dollars. At current pricing, Whitecap trades at roughly four point seven times enterprise value to cash flow based on sixty dollar WTI and four dollar natural gas. Nuttall sees fair value at six times 2027 cash flow, which supports a target range between fifteen dollars and eighty cents and nineteen dollars and thirty cents depending on oil pricing scenarios. That implies forty three to seventy five percent potential upside. For investors seeking a mix of stability, disciplined capital returns, and growth, Whitecap stands as a compelling name in the Canadian energy landscape.
Expand Energy (EXE, Nasdaq)
Expand Energy, listed on the NASDAQ under the ticker EXE, is Nuttall’s highest conviction natural gas pick. As the largest natural gas producer in North America accounting for approximately six point three percent of US production, Expand is exceptionally well positioned for the structural bull market he envisions. Its operations sit near the fastest growing demand centers in the world, including LNG export terminals along the Gulf Coast and hyperscaler energy hubs across Texas. That geographic placement gives the company consistent premium pricing compared with other producers.
Nuttall pegs four dollars per thousand cubic feet as the industry’s marginal cost of supply. Under normal conditions or during a colder winter, he sees natural gas rallying to five dollars, giving Expand Energy free cashflow yields between twelve and twenty two percent. His valuation model places fair value at seven times cashflow based on four dollar gas, supporting a price target of one hundred sixty five dollars. That implies around forty percent upside and positions Expand Energy as one of the strongest beneficiaries of the ongoing natural gas renaissance.
Antero Resources (AR, NYSE)
Antero Resources, trading on the New York Stock Exchange under the ticker AR, completes Nuttall’s list of top ideas. The company is a major natural gas producer in the Appalachia Basin with more than twenty years of stay flat inventory. Its balance sheet remains exceptionally strong, carrying only half a turn of debt relative to cash flow. Meanwhile, Antero returns half of its free cashflow to shareholders through buybacks, amplifying its torque to higher natural gas prices.
Valuation plays a central role in Nuttall’s thesis. At four dollar gas, Antero trades at a thirteen percent free cashflow yield. If gas rises to five dollars, that yield increases to twenty two percent. This combination of deep inventory, low leverage, and aggressive capital returns makes Antero one of the most leveraged ways to express a bullish view on natural gas.
Energy Markets Are Quietly Shifting
The underlying dynamics shaping global energy markets are rapidly evolving. Demand for natural gas is accelerating as LNG infrastructure expands and hyperscalers reshape electricity consumption. US shale, once the engine of global oil growth, is slowing as the sector matures. Meanwhile, supply constraints and geopolitical uncertainty are reinforcing the importance of stable, long life resource bases.
Nuttall sees these themes converging to create a powerful multi year investment cycle. Companies with deep inventories, disciplined management teams, and strong balance sheets are positioned to outperform. His top picks reflect precisely those characteristics.
Conclusion
Eric Nuttall’s November 2025 outlook draws a clear division between short term noise and long term fundamentals. Natural gas is entering a structural bull market supported by explosive LNG and hyperscaler demand growth. Oil may face temporary pressure, but medium term supply constraints paint a bullish picture. His top picks Whitecap Resources (WCP, TSX), Expand Energy (EXE, Nasdaq), and Antero Resources (AR, NYSE) offer a blend of value, stability, and upside that aligns with these trends. For investors seeking direction in a rapidly changing energy landscape, Nuttall’s roadmap is grounded in fundamentals and built for the years ahead.