Blog
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.
Debt Monetization And Pipelines
I just finished reading Andrew Ross Sorkin’s new book 1929, which relies on a lot of previously unpublished material to tell the story of the Great Crash through some of the protagonists. For those who enjoy economic history or even a good story, this will not disappoint. Benjamin Strong ran the Federal Reserve until his […]
Inflation Protection From Pipelines
The link between inflation and fee increases for liquids pipelines doesn’t draw much attention, but it proved to be valuable to midstream investors three years ago when the Biden administration’s excessive stimulus drove the Producer Price Index (PPI) up 13%. Maintaining purchasing power is the goal of most long-term investors. Inflation is reasonably close to […]
Bullish News On Gas
Last week there were two pieces of news that confirmed the bullish long term outlook for natural gas. On Thursday the WSJ reported on the Behind The Meter (BTM) arrangements that are becoming common (see AI Data Centers, Desperate for Electricity, Are Building Their Own Power Plants). This is faster than connecting with the grid […]
Gassy Isn’t Happy
The last few weeks have been challenging for the bullish story on natural gas. On Thursday evening Venture Global (VG) disclosed that they’d lost an arbitration case with BP over their Calcasieu Pass LNG terminal. The International Chamber of Commerce (ICC) found that VG had breached its obligation to make a timely declaration of the […]
BP Navigates Politics With Its Outlook
BP recently published their 2025 Energy Outlook. When big oil producers make projections about consumption it becomes a political document. Climate extremists are quick to accuse companies of opposing the energy transition and consigning the world to ruinous warming. Yet capital commitments need to be based on rational expectations, not aspirational ones. Earlier this year […]