John Stephenson, founder &amp; oil &amp; gas analyst at Granite Point Research, shares his outlook on North American Oil, Gas &amp; Utility Stocks.

John Stephenson's Market Outlook: North American Oil, Gas & Utility Stocks (July 22, 2026)

Market Call

Hello, I'm Christine Lee. Welcome to Market Call. John Stephenson is on the show. He's founder and oil and gas analyst at Granite Point Research. And we'll be taking your questions on North American oil, gas, and utility stocks. Feel free to call us 1-855-326-6266. Also, you can send us an email to marketcall at bnnbloomberg.ca.

All right, John. So you believe that it is a risk-off environment right now. We've got a lot of happening in the Strait of Hormuz, 11 days straight fighting by the Americans over there. So tell us what's going on in your thoughts in the commodities portfolio.

John Stevenson's Market Outlook Well, I'd say in general, it's a little bit a cautionary note for the market overall, is what I would say. In terms of commodities, obviously, all this fighting is good for oil prices. So that's good for the companies I cover. Because, you know, higher prices mean higher revenues and higher earnings, etc. So very positively there. But I think, you know, overall, investors have to be a little cautious for a few reasons.

One, you've seen some, you know, falling of chip stocks, you know, coming under pressure. You've seen the Shiller PE backing up to near historic highs. So that's a bit of worry in terms of the market.

And then you've got the 10-year government bond in the U.S. that last time I looked was just over 4.6%. And 5% is roughly the period of time where people like Ray Dalio of Bridgewater, etc., start to get very concerned about the ability of the U.S. government to meet its obligations.

John Stephenson's Market Outlook: North American Oil, Gas & Utility Stocks (July 22, 2026)

Read the full transcript

The candid version is on a podcast,
not the earnings call.

John Stephenson's Market Outlook: North American Oil, Gas & Utility Stocks (July 22, 2026)

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.