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An oil glut coupled with a virus-induced free-fall in global demand sent energy stocks spiraling a year ago. Now, as the world begins to recover from the pandemic, oil bulls who stayed the course are enjoying big returns. “The scarier it is as a business, the better the investment prospects are,” said Josh Young, chief investment officer at Bison Interests LLC , referring to volatile periods in the money-management business such as last March. Canadian oil producers were clobbered a year ago, with even blue-chip names such as Suncor Energy Inc. losing two-thirds of their value in a matter of weeks. But with improved Canadian oil pricing and reduced concerns around pipeline capacity , Bison has been redeploying capital away from U.S. shale and into shares of Canadian energy companies including Tamarack Valley Energy Ltd. The Houston-based fund has risen about 90% this year. Energy stocks have recovered from Covid lockdowns and a Saudi price war The OPEC+ decision last week to keep output largely unchanged along with an attack on the world’s largest crude terminal in Saudi Arabia briefly sent Brent oil futures above $71 a barrel early Monday. Futures in New York bounced between gains and losses […]
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