Managers explain their positioning in the commodities space following a tumultuous time for the sector over the past 18-24 months.
Jonathan Waghorn co-manager of the Guinness Global Energy fund Crude oil Could this be the end of the second longest energy equities bear market in over 30 years? The signals are looking promising. Absolute and relative valuation metrics are at rock-bottom levels, yet the crude oil market is exceptionally tight with Brent oil stubbornly over $100/barrel. Saudi is producing oil at record levels and US demand is on fire, causing crude oil inventories to reduce at a point in the year when they usually build. So, it looks unjustified to us that the larger global energy compa...
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