Share article:
April 2, 2026
Our Portfolio Manager, Sam LaBell, appeared on BNN Bloomberg to discuss how the market reacted to U.S. President Trump’s primetime address, which occurred the night before.*
“If the idea was to tone down the rhetoric, obviously that didn’t happen, and [the speech] seemed to contradict some of the things that had been said over the last couple of weeks that had made the market a little more comfortable with some resolution [to the conflict in Iran],” he said.
Sam discussed the spiking price of oil but noted that the December futures contract, which is trading in the $70-per-barrel range, suggests the market expects oil prices will not remain elevated.
“We would argue that that signals a return to a relatively balanced and normal market,” he said. “The market believes [the conflict in Iran] will resolve in some way, at least in the next several months.”
He also discussed why oil prices are diverging between North America and Europe, why long bond yields are rising, and movements in gold.
Finally, he discussed why he is comfortable holding onto his oil positions, though not necessarily adding to them, which include two of his favoured oil majors, Cenovus Energy Inc. (NYSE, TSX: CVE) and Canadian Natural Resources Ltd. (NYSE, TSX: CNQ).