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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..
In Case it’s Not Clear, Rates Are Going Up
“I have approximate answers and possible beliefs in different degrees of certainty about different things, but I’m not absolutely sure of anything.” Fed chair Jay Powell did not say this at his press conference on Thursday. It is attributed to American physicist Richard Feynman. But had Powell uttered these words they would not have seemed […]
Why Liberal States Pay Up For Energy
The northern hemisphere winter is approaching, which means more opportunities for amusement or shock at New England’s masochistic energy policies. Massachusetts and neighboring states have denied themselves access to abundant US natural gas in the Marcellus shale in Pennsylvania by preventing the construction of new pipelines that would connect them. As with most initiatives embraced […]
The Fed Is Misreading Housing Inflation
The August CPI report that came out last Tuesday was the catalyst for a sharp market reversal. The headline number was a benign 0.1%, helped by falling gasoline prices. But the “core” number (ex food and energy) came in at 0.6%. There were several factors, but chief among them because of its high weighting was […]
Another Pleasant Suprise From Cheniere
On Monday evening Cheniere provided their third revised EBITDA guidance of the year. It’s good that they’re not based in the EU where they would be a target of the planned windfall profits tax. Cheniere has raised guidance by $1.2BN (after 1Q earnings), $1.6BN (after 2Q earnings) and now another $1.2BN pointing to a range […]
The Strong Fundamentals Underpinning Pipelines
Recently a long-time investor Jeff Waters suggested that it might be interesting to dig a little deeper into the valuation metrics that make midstream energy infrastructure such an attractive sector. It resulted in a podcast interview, which you can access here. The roughly 2/3rds drop in growth capex since 2018 underpins an improving cash flow […]