“We remain dedicated to providing critical insights to help our clients succeed.” Waqar Syed, managing director of Energy Services at ATB Capital Markets, added that institutional investors remain generally positive about moderate sector growth for 2025, despite a weakened sentiment in 2024.
The survey found that sentiment indicators have moderated alongside a 17 percent slide in WTI crude prices since the spring 2024 survey. Only 75 percent of respondents expect WTI crude prices to average above US$75 per barrel over the next three to five years, down from 91 percent in previous surveys.
E&P sentiment also weakened, with 58 percent of respondents characterizing their outlooks as ‘improving,’ down from 88 percent in spring 2024, while 29 percent noted worsened outlooks in the past three months.
Institutional investors showed the most notable drop in sentiment, with only 38 percent expecting energy to outperform the TSX/S&P 500 over the next 12 months, down from 67 percent in the spring.
However, energy services companies reported improved sentiment over the past three months and anticipated increased activity in the next six months.
