Historic drawdown

The oil price is hovering around 73 USD, a level 45% below the post pandemic highs reached in Summer last year. Remember that US strategic petroleum reserves are at a 40 year low and recent stronger economic data coming out of the US diminishing concerns of a severe US recession. From that perspective it is definitely worthwhile to revisit oil companies like TotalEnergies, trading at 5.7 times forward earnings and carrying a 12 months forward dividend yield of 5.8%. TotalEnergies remains our biggest position in our European Value Strategy.