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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..
Will Fall Seasonals Cause The Market To Rise?
Students of stock market history will know that September is seasonally the worst month of the year. This month is typical. Some may think it’s October because of the crashes that month in 1929 and 1987. Only a few years into my Wall Street career, I returned home on October 19th, 1987, and solemnly warned […]
The Super Cycle Or Peak Oil?
In March of 2020 when crude oil was collapsing dragging energy stocks, including pipelines, along, I tried to focus on the positive, which was that it had become cheaper to drive places. Except there was nowhere to go because of the lockdown. And even if there had been, I would have had to make roughly […]
Offshore Wind vs Onshore
A couple of weeks ago in Windpower Faces a Tempest, we highlighted the challenges facing offshore wind both in the US and Europe. A good friend of mine, a lawyer who has made his career doing energy deals, took issue with the blog post. A spirited text message interaction ensued, continued in person over two […]
Crude Climbs The Wall Of Supply Worries
Crude oil has rallied recently, in a much delayed reaction to numerous analyst forecasts that have been bullish all year. A couple of months ago Goldman’s commodities head Jeff Currie, who is leaving the bank, cut his year-end forecast for Brent crude from $95 per barrel to $86 while maintaining his long term bullish outlook. […]
Pipelines Returning More Cash
The old MLP model rarely saw stock buybacks. Traditionally the General Partner (GP) would sell assets to the MLP it controlled in a non-arms-length transaction. The MLP would issue equity and debt to pay for them. MLPs were sellers of their own units, not buyers. Today’s midstream energy infrastructure sector has left that model behind. […]