RE:RE:RE:RE:RE:Commodity Macro -What exactly are we talking about here? Biden? Trudeau? Investment Capital Projects? Sector Rotation in the Stock market?
Trudeau has no effect over Global Commidity Pricing whereas Bidens Policies can have a major ripple effect to the upside for both OIl & Natural Gas. Less short cycle production in the US will have an effect on Supply/Demand scenario globally. I agree that investment left Canada during Trudeaus reign but investment was leaving canada prior to 2015 combined with the freefall in Oil & Gas prices > 2H2014 capital investment globally shrunk by trillions. IMO March was the Bottom for O&G and the previous 6 years only paved the path for a Supercycle over the next 5-7 years as history repeats itself.
Sure the US & Canada can push their climate agendas but you need to look outside the box. Canada US & Europe (-Russia) only represent approx 15% of global population, Think about that for a monent.. Think about the fact global population is set to grow by almost 2 billion ppl by 2050... 2 Billion... Think about that.. Unless here is a dramatic shift in Population Control there will be alot of additional energy required globally for the foreseeable future.
Dicslaimer - I work Construction Management for a Major Oil Comapny actually the Major in NA ... 2021 Capital Spending for Canada has been announced publicly and is 33% higher the 2020.
We can agree to disagee let see in Nov 2021 where the next year has taken us. I very well may be wrong. Maybe Crew doesnt surivive but the indisutry as a whole is headed north IMO