Running Out of Spare Capacity

11/19/2021

First appeared in Q3 2021 commentary

 

Global oil markets could not have looked grimmer than back in the summer of 2020. COVID cases were increasing again and further global economic lockdowns..

The Most Important 2000 Years of Energy History– Video Featuring Leigh Goehring and Adam Rozencwajg

11/04/2021

Few people think of energy at all and even fewer think about its history. We are on the verge of a new chapter in the History of Energy and few people realize the implications.

Update on Global Oil Demand

10/29/2021

First appeared in Q2 2021 letter

 

Last summer, we predicted global oil demand would quickly regain its pre-COVID peak as travel restrictions were lifted. Clearly, in retrospect, we were too..

The Incredible Shrinking Oil Majors

10/21/2021

First appeared in Q2 2021 letter

 

Oil production growth outside of OPEC+ and the US shales has been extremely difficult to achieve — even before the recent ESG pressures. Over the last 20 years,..

The IEA’s Role in the Coming Oil Crisis

10/08/2021

First appeared in Q2 2021 letter

 

The foundation for the upcoming oil crisis is now firmly set in place. Despite recent hiccups related to the delta variant, the world is re-opening and global..

Nuclear Energy: The Early Success of Small Modular Reactors

10/01/2021

First appeared in Q2 2021 letter

 

Uranium stocks sold off in mid-June as news outlets reported a possible leak at the Taishan Chinese reactor, a joint venture with Électricité de France (EDF)...

The Potential Earnings Power of Copper Miners

09/24/2021

First appeared in Q2 2021 letter

Copper made a new all-time high during the quarter. After bottoming in January 2016 at $1.94 per pound, copper rallied 150% to reach $4.77 on May 11th 2021...

What to Expect From Gold and Silver Going Forward

09/10/2021

First appeared in Q2 2021 letter

While we believe a huge precious metals bull market lies in front of us, we must also be aware that challenges remain over the medium term. Since the beginning of..

The Truth About Renewables – Featuring Leigh Goehring and Adam Rozencwajg

09/09/2021

Many of the most popular solutions being proposed to solve our planet’s CO2 problem will be difficult, if not impossible, to accomplish. In this video, managing partners Leigh Goehring and Adam..

North American Gas Markets Now in Deficit

08/31/2021

Tightness in the US natural gas market is beginning to manifest itself in low inventory levels. After having started the year at a 200 bcf surplus to the five-year seasonal average, US inventories..

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