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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.
Oil And Pipelines Look Less Like Fred And Ginger
The outlook for crude prices is a frequent conversation topic among energy investors. We’re often asked for our thoughts – over the next several years we’re bullish as growing demand from developing economies competes with insufficient investment in new supply. But we don’t trade oil or reflect that outlook in portfolio construction. Crude oil and […]
The Smart Money Buying Pipelines
When a sector has enjoyed a period of good performance, the investor typically has to moderate her feelings of satisfaction at a choice well made with concerns about a crowded trade. When a good idea becomes widely acknowledged as one, prices are likely to overshoot as valuations become stretched. This does not seem to be […]
Britain’s Energy Transition
I spent two weeks recently touring southern England with my wife. It’s 42 years since I moved to the US, and I appreciate my old country more now than as a teenager itching to escape to the new world. We did some sightseeing and saw old friends. As we traveled around, the British approach to […]
Climate Vs Incomes
If a single chart can illustrate the challenges in reducing emissions, it’s the scatterplot below showing per capita energy use and GDP. Raising living standards requires more energy. The relationship between these two variables is hard to break. Richer countries consume more energy, and becoming richer requires more energy. Everyone wants to move up and […]
The World Of Natural Gas
It’s hard to overstate the global success of US natural gas production. Over the past decade we’ve grown output by 37 Billion Cubic Feet per Day (BCF/D), accounting for half the global increase. We now produce over a quarter of the world’s gas. And it’s cheap. The development of fracking happened in America not elsewhere […]