EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors.
Another Climate Conference
COP28, the annual UN climate conference, starts tomorrow in Dubai in the United Arab Emirates (UAE). It’s easy to criticize the world’s efforts at reducing global Greenhouse Gases (GHGs). They over-emphasize intermittent solar and wind instead of going all in on nuclear and should replace coal with natural gas. China gets a free pass to […]
Natural Gas Liquids – The Forgotten Cousins
Media coverage of reliable energy tends to focus on oil and gas. Oil comes in hundreds of different grades of complex hydrocarbon molecules. Natural gas, methane, is the simplest hydrocarbon of them all with a molecular formula of CH4. In between methane and crude oil lie Natural Gas Liquids (NGLs) – successively more complex combinations […]
AMLP Is Running Out Of Names
Next month VettaFi, which owns the Alerian indices, will announce a rebalancing of the Alerian MLP Infrastructure Index (AMZI). This will impact the Alerian MLP ETF (AMLP) which tracks AMZI. For an index fund it does a poor job of keeping up with its index – ALPS Advisors, who runs it, reports alpha of –3.03% […]
Carbon Capture Gaining Traction
Carbon Capture and Sequestration (CCS) faces daunting Math. Mike Cembalest, JPMorgan Asset Management’s Chairman of Market and Investment Strategy, publishes a well-researched and insightful annual energy paper. In the 13th edition last March, he provided the sobering CCS math that sequestering just 15% of the US’s annual CO2 output would involve the same volume as […]
Book Review – We Need To Talk About Inflation
Steven D King is not as famous as his namesake, but for an economist can still write a spine-tingling book. Prompted by the inflation that followed the pandemic, King walks us through past episodes of inflation and their causes, and offers some clues as to whether it’s persistent or transitory. Moderate inflation of 2% or […]