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.

