RBC analyst makes five changes to his ‘Global Energy Best Ideas’ list

RBC head of global energy research Greg Pardy made five changes to his Global Energy Best Ideas, adding Chord Energy Corp., Conocophillips and Norway-traded Subsea 7 SA.“In April, the RBC Global Energy Best Ideas List was up 0.2% compared to the iShares S&P Global Energy Sector ETF which was up 0.4% and a hybrid benchmark that was up 0.5% on a sequential basis. Since its inception in February 2013, the RBC Global Energy Best Ideas List is up 186.

The full list is now BP, Suncor Energy, Obsidian Energy, Topaz Energy, Chord Energy Corporation, ConocoPhillips, ARC Resources, Tourmaline Oil, Canadian Natural Resources, MEG Energy, Santos Limited, Enerflex Ltd., Pason Systems Inc., SLB, Subsea 7, AltaGas Ltd, Pembina Pipeline Corporation, Archrock Inc., Energy Transfer LP, Northland Power, Superior Plus and PG&E Corporation.

“We believe the Bank of Canada has more room to cut than the Fed. While such a scenario has been around for some time, we believe the odds have been rising of late. Not surprisingly, the Canadian dollar has responded negatively, depreciating against a much stronger U.S. dollar… the Canadian dollar is down to a major support area . While it would be time for a bounce, Our Optimism is guarded. A breakdown would open the door to a re-test of the sub-US$O.70 levels.

The Federal Reserve once again pushed back on hopes for an interest rate cut, as J.P. Morgan economist Michael Feroli reports, “”So far this year, the data have not given us that greater confidence ,” and that “it is likely that gaining such greater confidence will take longer than previously expected.” Even with these somewhat hawkish remarks, Powell was very reluctant to offer that the next move could be a hike. For that to happen, he said the Committee would need to see “persuasive evidence” that policy is not sufficiently restrictive. But in a number of places he said that it’s “clear” that policy is restrictive.

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