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..
Exxon Buys More Of What The World Wants
Last week the Energy Information Administration (EIA) released their 2023 International Energy Outlook. It came out on Wednesday, the same day that Exxon Mobil (XOM) confirmed their acquisition of Pioneer Natural Resources (PXD), and they’re linked in more ways than simply their announcement date. When energy companies issue long term energy forecasts they’re well aware […]
Terrorists Create Geopolitical Risk
Only last week a new investor asked how the pipeline sector might respond to geopolitical risk. Conflict in any of the world’s trouble spots is bad for most sectors and the market overall. But energy is different, because the specter of supply disruption draws in buyers. Saturday’s massive terrorist attack on Israel by Hamas is […]
Fiscal Policy Moves Center Stage
I traveled down the east coast last week – stopping along the way to see clients. My first stop was Washington, DC to see Robert Dove, an old friend from high school in London and a long-time client. We can both still recite the school song in Latin, an obscure skill not as highly valued […]
Green Growth Projects Are Losing Fans
On Sunday my daughter lamented the fact that she didn’t have a ticket for the Chiefs-Jets game that evening. Not that she’s an NFL fan – she was blissfully unaware of the injury that Aaron Rodgers sustained three weeks ago and has no experience of the perpetual heartache Jets fans stoically endure. She just wanted […]
Just In Time Oil
Changes in US oil inventories sometimes cause a sharp move in the price of crude. It makes perfect sense, even if it’s hard to tease out much of a statistical relationship from the data. Oil stocks, meaning oil held in inventory, have been falling since the early days of the pandemic when the collapse in […]