BNN - Thursday, May 23, 2024 - 01:00 p.m. (ET) - Segment #5

>> Westjet says it is announced a new low fare category. If you don't bring carry on. For more, we're joined by andrew bell. Is this -really just saying we're now going to charge you, and yeah, until now has generally been free to bring a small item, a socal personal life from purse >> I plus a bike and that has always had the fish and for body carries on I didn't us they just increase it. Actually our count on westjet by $5. I was actually surprised that, no, it was that much for checks by to another check back not to carry on out west. Yes, it starts $35 to $42. I can I if you do the check-in at the airport can cost as much as $65 to check your first bag anyway. So we've all made on plane was it was amount to carry on now, if I don't think announced actual number, but we've all been on planes or you get the struggles are real us. Trace trying to get everybody trying to get their into the record overhead overhead band donates. They announced they say anybody who wants to check the get to do so free and ivory staffed all my liquids 100 milliliter baader. Know. And so I never volunteer. I just stand there with my bag and yeah, because they put me in this position exactly. But. >> So they have created this problem with these checked bag kadafi's. And now they're going love their >> I guess the on certains travel light, why do we have to bring so much junk with us? My guest it's not our like you can just come as you are to like florida. I wonder just where drip, dry codes. I suppose if you are going to be attending receptions and with 3 like I travel like we're survived. All right. I remember that paraphernalia. Yeah. So much parity. Yeah, I mean that westjet's not entirely at new album along these lines. A couple of U.S. carriers have now gone down. These these you nice will charge in some united jetblue. Well, already in some cases to carry a bag on board. >> Their their lines and enjoying this university, piling on fees any baggage. They got where they want us. All right, fine. And that's was to editorialized and not a fan. Not a fan of the man's, I guess is capitalism. Just don't a match, says andrew thanks for watching trading day. - [Narrator] The Ninepoint Energy Fund managed by Eric Nuttall. Generating long-term alpha in the energy sector through conviction and access. Number one Energy Fund in the Morningstar energy equity fund category for 3, 5, 10, and 15-year performance. Available under ticker nnrg. What keeps baby's skin healthy? A diaper that doesn't leave skin wet. That's why Pampers Swaddlers absorbs wetness better for up to 100%leakproof protection and 0% skin irritation. Pampers. For healthy baby skin. The world of investments is growing, offering more alternatives than ever. ( ) Choose an alternative that invests, in what's here to stay. ( ) Things you can see and touch. ( ) Things that are part of our everyday lives. ( ) Avenue Living brings a different approach. ( ) One that's steeped in history, experience, and trust. ( ) Choose a proven alternative. Talk to your advisor about Avenue Living today. ( ) Find a great deal foryour ideal hotel.Open trivago, type inwhere you want t select your check-in andcheck-out dates and search. Compare prices forthe same hotel and save up to $50 a night. Hotel? trivago. Get more from trusted us Treasuries with hbnd. Canada's first covered call bond etf providing attractive monthly income with the strength and security of U.S. government bonds. Hbnd, more income, every month, from Hamilton ETFs. The main focus of Urbana is asset growth. Building the assets of this company. We invest in public securities. Everybody does that, but we also combine it with private equity investments, which is very, very important. And that's where you can make some real money. And the beauty is you're buying it at a discount a discount from asset value. I think we do contain risk extremely well. We have a very,

very experienced team and we've got results over a long term period of time. >> Andrew: hello, there. Welcome to "market call." eric nuttall, one of the favourites is on the show today partner senior portfolio manager at ninepoint partners. He is taking your questions on energy stocks. There is the number. 1-855-326-6266. Or send an email to marketcall@bnnbloomberg.ca. Eric, thanks as ever for joining us. >> Good to be here. >> Andrew: crude near its lowest in two months. Why is that? >> That's right. We have seen a big liquidation in net [indiscernible] lengths. We are sitting at five-month low and I think the reasons for that is we have had the complete elimination of any political risk premium that was in the oil price. I was concerned when oil was in the high to mid 80s about a month and-a-half, two months ago because it was too much frothiness. I was getting far too much interview requests is oil going to hit $100. As contrarian that made me nervous. We raised quite a bit of cash in our main fund. 33% cash. >> Wow. >> We have been actively spending that. We have spent half a billion over the past week and-a-half given the sell-off that we have had. I just think it's been a cooling of any geopolitical risk premium. We are heading into a kiyo peck meeting in a few weeks' time. My best read on the situation is they will extend the voluntary cuts likely through to the end of this year. I think there is just still concerns about china, oil demand there has been fairly weak. The concern about will the fed cut l they point. How well is the U.S. consumer holding up, et cetera. What that means is we will have sharper than average inventory draws beginning next month. Honestly to be in the highest 70s right now with the headwinds now with the seasonal demand weakness that we typically have is pretty good. Like for energy to be up 20% year to date is a win. As we look to the second half of this year what we see is demand seasonally increasing. We have opec I believe continuing their voluntary cuts to draw down inventories. Falling inventories are bullish for oil. So we see the possibility of $90 brent by the end of this year also on natural gas something we can finally talk about as we are bullish heading into 2025 you've got lng canada starting to ramp up. They will start taking gas next month or so. Exiting this year to bcf of liquefaction capacity. The outlook for oil remains very solid. Gas very solid. Services very solid. We remain bull initial the outlook for the second half of this year in 2025. >> Andrew: what about in phenomenon in the states that gasoline demand has been surprisingly weak? Some people are linking that to better big vehicle efficiency even though we got all these suvs on the road. >> I think the source of that is the weekly due numbers that we government even this past week 0.9% officially from that number. We rely on gas buddy. We find it to be a little more reliable. >> Andrew: gas demand, sorry, eric. Or prices. I was talking about demand. >> Gasoline. >> Andrew: gasoline demand, I am sorry, yes. >> I think what we have seen is the weekly numbers that came out from the due typically are of low quality. What we saw even last year was there was underestimation of 400,000 barrels per day of demand in the U.S. I look to the monthlies that come out. I wouldn't be surprised to see an upward revision. Driving around I live 8 kilometres away. It took me 45 minutes to get in. Why? Everybody's driving on the roads. There is no tangible evidence that the consumer is faltering. We hear about the tradedowns to walmart and people not buying as many big macs et cetera. Miles driven, any tangible evidence we have we have real time cube that we we can measure. It's not shooting the light out but it's fine. The cuts are the continuation of the opec cuts for next a couple of months. >> Andrew: what do you listen to on your drive? Showbiz, podcasts eric? >> Techno. Technomusic to get me fired up for the show. >> Andrew: that's a great idea. Eric nuttall is here to take questions on energy stocks both producers (Funky hip hop music) Hi, I'm Taylor Thoen. Next time on btv Business Television, this investment opportunity. We're still in the exploration stages, but we've made a substantial discovery. Specifically, the Valley discovery on our Rogue project. 2024 is going to be our biggest year yet. We have three drills on site, and we're looking to bring in a fourth. We think that what we've discovered so far is just the tip of the iceberg.

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