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EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES AND INFLATION HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors..
Fed Ponders Multiple Uncertainties
If not today, then within a few weeks the Federal Reserve is likely to acquiesce to President Trump’s call for lower rates. Ten year U.S. treasury yields are low by most measures at 2.05%, but they’re the highest in the G7, and even higher than Greece’s. The President has criticized Fed policy as creating unnecessary […]
Natural Gas: The Big Energy Story
The world’s energy sector is undergoing a transformation. Widespread press coverage of the growth in renewables reflects increasing concern about climate change. Nextera Energy, the world’s biggest producer of wind and energy power, epitomizes the excitement about clean energy (see Is Nextera Running in Place?). A recent investor day highlighted falling costs and growing demand […]
Brexit Meets the Shale Revolution
Britain’s new prime minister, Boris Johnson, sports a mop of blond hair, shuns conventionality and routinely spins facts to suit his purpose. The photo is from a 2006 charity soccer game in London against Germany, when he head-speared an opponent in a maneuver better suited to wrestling. It’s an appropriate metaphor for the upcoming Brexit […]
Our Fossil Fuel Future (With a Bit More Solar and Wind)
Climate change is driving tremendous upheaval in the energy sector. One consequence is that making long term investments is exceptionally difficult. A large, conventional oil or gas project is exposed to uncertainties around GDP growth, production costs and commodity prices over a payback period that can extend 10 to 20 years or more. Public policy […]
Still Fearing Another Financial Crisis
“Concerns about trade and Gulf tensions spur rush towards sovereign debt.” warned the Financial Times last week. Almost $12 trillion in bonds trades at a negative yield. According to Tim Winstone, fixed income portfolio manager at Janus Henderson, “Investment grade is nuts. About 24% of my benchmark yields less than zero.” Even a dozen European […]