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..

Russian Gas Exports Face An Uncertain Recovery

SL Advisors Talks Markets
SL Advisors Talks Markets
Russian Gas Exports Face An Uncertain Recovery
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European imports of LNG rose sharply following Russia’s invasion of Ukraine two years ago. The US was well positioned to step in and provided virtually all the additional LNG Europe bought. The current pause on new LNG export terminals runs counter to these trade flows, but it’s increasingly clear this policy has few supporters other […]

Coal Trade Is Growing

SL Advisors Talks Markets
SL Advisors Talks Markets
Coal Trade Is Growing
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American coal exports are booming. Exports of thermal coal rose 26% last year, to 44 Million Metric Tonnes (MMTs). This is mostly burned to produce electricity. We also exported 46.5 MMTs of metallurgical coal, typically used in industrial processes such as steel manufacture. Shipments of thermal coal to India doubled, to 14.1 MMTs, close to […]

4Q Earnings Wrap

SL Advisors Talks Markets
SL Advisors Talks Markets
4Q Earnings Wrap
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Earnings for 4Q23 are almost complete. Most companies came in at or a few per cent ahead of market expectations. Cheniere (CEI) beat sell-side estimates by 11%, continuing a remarkable run. They are targeting a 1:1 ratio between buybacks and debt reductions and based on their long run desired share count should be retiring 12-13% […]

What Investors Ask Your Blogger

SL Advisors Talks Markets
SL Advisors Talks Markets
What Investors Ask Your Blogger
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Recently I’ve given presentations to a couple of investment clubs in Naples, FL. Usually I speak about midstream energy infrastructure, but I was also asked to expand on Our Darkening Fiscal Outlook, recently published on our blog, The Q&A is always enjoyable at such events. Below are some common themes that came up. Don’t weak […]

Our Darkening Fiscal Outlook

SL Advisors Talks Markets
SL Advisors Talks Markets
Our Darkening Fiscal Outlook
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There are two ways in which our looming fiscal catastrophe draws closer. One is through the passage of time, as entitlements grow with more aging Medicare recipients. The other is through worsening projections from the Congressional Budget Office (CBO). Both are happening. Start with interest expense. In the CBO’s May 2022 ten year Budget and […]