Energy Stocks Are Still Cheap? Eric Nuttall Explains the Opportunity

About this episode

Eric Nuttall discusses the current state of energy stocks and the implications of geopolitical risks on oil prices.

Eric Nuttall joins the Oil Ground Up podcast to discuss what he believes is the largest energy supply shock in modern history following the prolonged closure of the Strait of Hormuz. He explains why markets remain dangerously complacent despite massive global inventory drawdowns, rising geopolitical risks, and the potential for structurally higher oil prices well into the future. The conversation dives into why energy equities still appear deeply undervalued, how Canadian oil producers could benefit from a long-term supply crunch, and why Nuttall sees a generational opportunity emerging in the sector. Nuttall also outlines the risks investors should be watching closely, including possible U.S. export restrictions, weakening demand from higher fuel prices, and continued volatility tied to Middle East tensions. The discussion further explores the future of U.S. shale growth, Canada’s pipeline constraints, and the strategic importance of energy infrastructure in an increasingly unstable global market. From inventory math to capital flows, this episode offers a deep dive into the macro forces reshaping global oil markets and the investment landscape around them.

People in this episode

Host: Oil Ground Up

Guest: Eric Nuttall

Topics covered

• energy supply shock
• energy equities
• geopolitical risks
• oil prices
• Canadian oil producers
• U.S. shale growth
• energy infrastructure

Keywords

• energy stocks
• inventory drawdowns
• oil market
• investment opportunity
• geopolitical tensions
• capital flows
• supply crunch

Mentioned in this episode

Places: Strait of Hormuz, U.S., Canada, Middle East

More episodes of Oil Ground Up

• Bob McNally on Hormuz, Oil Prices, and the End of Energy Security Assumptions · May 29, 2026 · 1h 4m
• How Iran Weaponized the World’s Most Important Oil Chokepoint · May 22, 2026 · 1h 8m
• Tracking Tankers Through Chaos: Shadow Fleets, Blockades, and the New Oil War · April 29, 2026 · 55 min
• Amena Bakr on the Market Blindness to the 13 Million Barrel Shock · April 24, 2026 · 1h 5m
• Paper vs Physical: Inside Oil’s $30 Backwardation Shock with Veteran Trader Adi Imsirovic · April 17, 2026 · 46 min
• Record Backwardation: Understanding the Economic Return of USO in the Midst of a Global Supply Loss · April 9, 2026 · 57 min