We have in our energy strategies for the past ~2 months been defensively positioned. YTD returns have been solid and we feared bad energy policy from the WH (diesel export ban, etc.) ahead of the US mid-terms. With only 20 days to go to the election, we think that risk has been largely eliminated. The 2027 WTI strip is $84 offering eye-watering free cashflow yields for some, the situation in the Middle East continues to worsen with no end in sight, and for the first time in a decade we have a Canadian Government that is supportive of the energy sector. Despite some stocks appreciating by 70%+ YTD and making all-time highs, they are in some cases cheaper today than they were on January 1st. Given this, we have been deploying some of our cash, and continue to believe that we remain in a multi-year bull market for energy stocks.

"There aren't many more inventories to drain in the West. We drained the available inventory." -Russell Hardy, CEO of Vitol

42 days to go until the mid-terms, and pressure is mounting on President Trump to do anything or say anything to get energy prices down. Position accordingly...we are.

A major milestone worth celebrating...Canadian energy stocks are trading at their highest levels in history!

China bought the world some time, but that time has now run out. This war was supposed to be over in 2 weeks...what if there is now no end and this is the new normal?

Danger ☠️.

We have absorbed ~300MM Bbls from global SPRs and ~140MM Bbls from floating storage in the Strait, and this has masked oil's inherent tightness, as seen in this chart with visible onshore inventories flat for the past 2 months. No more. With ~8MM Bbl/d of Middle Eastern production shut-ins, SofH exports <10MM Bbl/d, the US and Iran locked in a stalemate, and SPR withdrawal rates slowing, onshore inventories should now begin to steeply draw, and with Chinese imports up ~0.6MM Bbl/d August/July and end consumer demand strong, we think some of the strength in products (record high diesel crack spreads) will bleed into crude oil. For stock selection we are still using $70WTI for 2027, but if the status quo persists for much longer, our floor price will soon have to move up as we continue to struggle to answer the most important of questions: how does this end???

Why pick energy stocks yourself??? Ninepoint Energy Fund under the ticker “NNRG” on the TSX. ninepoint.com/funds/ninepoin…

Ninepoint Energy Income Fund (NRGI:TSX): attractive yield generated by dividends and call/put writing combined with upside/downside equity participation and dynamic cash management intended to lower volatility. Disclaimer: bit.ly/4hQgf14

The oil market has been way too complacent for far too long...time for some truth telling on CNBC at ~2:15pm today.

Ninepoint Energy Strategies Weekly Update: "the investment case is not that oil is going to spike to $200/bbl, it is that many oil stocks are discounting oil in the $60's and we think the new floor is $80WTI offering a meaningful rerate potential":

Taking the message more mainstream today of why the world needs more Canadian energy and why this is the biggest energy crisis of our lifetimes on @CTVNews: ctvnews.ca/video/2026/05/01/…

What to expect in the days ahead during the worst energy crisis of our lifetimes and why the world needs more Canadian energy: bnnbloomberg.ca/video/shows/…

Bullish on energy but don't know where to start? The ETF series of the Ninepoint Energy Fund trades under the ticker "NNRG." ninepoint.com/funds/ninepoin…

Energy investors should focus on what "the day after" looks like: the glut thesis is dead, the floor price is raised to $70-$80, the energy sector is now finally relevant to generalist investors, and security of supply trumps all else.

Why the impact on the oil market from the US/Iran conflict will last longer than consensus thinks: cnbc.com/video/2026/03/24/ir…

Ninepoint Energy Strategies' Weekly Update: so what does all this mean???

Feel euphoric when you fill up at the pump! The ETF series of the Ninepoint Energy Fund trades under the ticker "NNRG." Disclaimer: bit.ly/2ukaOCr All returns and fund details are a) based on Series F shares; b) net of fees; c) annualized if period is greater than one year; d) as at 2/28/2026. Where applicable, all figures are annualized and based on monthly returns since inception. Inception date is 4/16/2004. The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or returns on investment in the investment fund. In each taxation year, the Fund will distribute to its investors a sufficient amount of the Fund’s net income and net realized capital gains so that the Fund will not pay any income tax. The net income and the net realized capital gains of the Fund will be distributed annually in December. The Fund is generally exposed to the following risks: Active management risk; Concentration risk; Credit risk; Currency risk; Cybersecurity risk; Derivatives risk; Energy risk; Exchange traded funds risk; Foreign investment risk; Inflation risk; Interest rate risk; Liquidity risk; Market risk; Performance fee risk; Regulatory risk; Rule 144A and other exempted securities risk; Securities lending, repurchase and reverse repurchase transactions risk; Series risk; Short selling risk; Small capitalization natural resource company risk; Specific issuer risk; Tax risk; Absence of an active market for ETF Series risk; Halted trading of ETF Series risk; Trading price of ETF Series risk. Ninepoint Partners LP is the investment manager to a number of funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The indicated rates of return for series F units of the Funds for the period ended 2/28/2026 are based on the historical annual compounded total returns including changes in unit value and reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. This communication does not constitute an offer to sell or solicitation to purchase securities of the Funds. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not a resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.