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Ninepoint Energy Market Update

Ninepoint Energy Market Update - 9.11.2025
Key Takeaways
  • The “most anticipated oil glut in history” may already be priced in.
  • Spare capacity risks: Saudi Arabia stepping back as global shock absorber.
  • Natural gas demand surging as AI and data centers reshape energy markets.
  • Oil equities remain mispriced despite medium-term bullish outlook.

October 2, 2025

In this week’s edition, Eric Nuttall, Senior Portfolio Manager of Ninepoint Energy Strategies, shares insights from the Energy Aspects conference in London, where oil CEOs, traders, policymakers, and investors gathered to debate the future of global energy markets.

Eric breaks down why the “most anticipated oil glut in history” may not trigger a price collapse, how spare capacity could disappear by 2026, and why natural gas is emerging as the fuel of the future.

Key Topics Covered:

  • The “Most Anticipated Oil Glut” – Why consensus on oversupply may not trigger a major selloff.
  • Spare Capacity Elimination – Saudi Arabia’s pivot and its bullish implications.
  • Medium-Term Outlook – Market looking through short-term builds toward 2026–27 tightness.
  • China’s Strategic Buying – Stockpiling and de-dollarization.
  • The “Age of Gas” – AI, data centers, and LNG exports driving natural gas demand.
  • US Shale Twilight – Diminishing growth and exhausted Tier-1 inventory.

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