Have to think rate cuts will be good for things like REITs, preferred shares, precious metals. If you believe this happens this year have to think there are serious opportunities in several sectors near cyclical lows.

Long oil is going to be a very good trade in the next few months IMHO.

$PIPE.TO "It’s often difficult for companies to increase land positions in tightly contested areas like the Montney fairway in the Pipestone area, so it’s a good sign that the company was able to add to its future potential drilling inventory"

Crude oil bulls have gotten mercilessly clobbered since last year although a few still did good in equities. Thought $80 was the floor and still do. Being bearish at $67 into Y/E seems far-fetched to me. Expecting a swift recovery here easily into the $70s.

Peters & Co out with a note on Canadian OFS this morning predicting over 200% upside on names like $STEP.TO & $CFW.TO in 2024. $TCW.TO at 90% & $CET.TO at 150% with a minimal 10% capex addition for the $90 "upside case."

Added an oil futures ETF today for the first time in ages. I assign a 95% chance that December WTI is above $67. Can't think of a lower hanging fruit in energy than oil itself.

Gasoline prices pushing $2 per litre in Québec while oil is only $70 per barrel. Thinking it is going to be a painful summer for consumers. #carbontax #cdnpoli

@djlowe Are they going to keep hiking until they "break" Canadian housing? We all know the cause of that and doubt it has to do with rates as much as supply-demand. Happy to take the other side of trade. Low risk sectors with big upside potential & minimal downside.

Last time the Bank of Canada said interest rates would be lower for longer when it was clear inflation was high I took a fixed rate mortgage & loaded up on oil stocks. Now the opposite, buying what has been hit by interest rates (REITs, preferred shares). Hike cycle almost done.

@garquake We'll see if $PIPE.TO is overhyped sometime this year when they reveal their delineation results. One thing I am sure of is that Baytex & Tamarack are genuine dogs. Non stop promotion by Nuttall & banks and they are still sector worst performers while institutions unload.

Big NCIB's continue in some Canadian REITs, some of which are still trading near cyclical lows. SEDI insider transactions from June 5 - 9, 2023: $AX.UN +360,110 NCIB $AX.PR.E/I +80,600 (NCIB) $HOM.UN +367,877 (NCIB) $NET.UN +1400 $DRR.UN +30,296 (NCIB) $FCR.UN +199,200 (NCIB)…

@Rory_Johnston Strange to see WCS to strong and C5+ still trading at a sizeable discount. Seasonal or has condensate supply ramped up as natural gas E&P pursue more liquids rich targets and crash pricing (as usual)

"Work" from home has consequences perhaps?

$KEY.TO says all six of the company's gas plants are now back up and running after forest fires.

The "Canadian petro-state?" Bloc Québécois candidate @laurencemassey_ vows to fight against it as a priority should she win looming June federal by-election in the very pro-Liberal, mainly anglophone riding of NDG-Westmount.

$AX.UN, some good it seems for one of my CRE investments that I heard was going to zero: multiple major asset sales which were said to have occurred at full IFRS values & a new 5-year financing term to re-pay credit facilities. #REITs #CRE

Canadian OFS, not dead yet? Licensing for May came in well ahead of 2022 levels with #Montney activity leading the way. OFS cos sounded very confident on Canadian outlook for backhalf in Q1. Some OFS stocks have despite been clobbered. #OOTT

$CPD.TO Canadian preferred share index trading at a 15-year low. All very high quality prefs. If you believe we are near the end of the rate hike cycle it seems like a good and low risk entry point. Or will it go lower?

$CFW.TO RBC Energy conference update. Not much new here. Sees frac pricing holding steady in North America w/ a preference to park fleets rather than get lowballed to unacceptable levels. $STEP.TO $TCW.TO $LBRT

$HHRS.TO Riverstone sold out all their warrants from Hammerhead's substantial issuer bid for a total of $12,737,500 raised. @mcspacface says Riverstone needed the cash for something. Something of interest to keep an eye on for sure.

To make matters even more blunt, compare $PIPE.TO's type curve (even after the "disappointment" of Q3) to $BTE.TO in not only Eagleford but also their staple Viking play. Only BTE smallscale Clearwater competes with Montney. 17-month low IRR payouts at $70 oil. Not competitive by…