Running Out of Spare Capacity


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


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


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


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


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..

The Truth About Renewables – Featuring Leigh Goehring and Adam Rozencwajg


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..

Update on US Shale Oil Production and Rig Count


First appeared in 2Q letter August 5, 2021

2021 shale production has held up better than we expected. At the end of last year, we predicted shale production would experience sustained sequential..

Looking Ahead to a Tight Oil Market


“Over the longer-term, ESG-led activist investors have all but ensured non-OPEC production will fall dramatically, leaving OPEC with increased market share and pricing power.”


Over the past 18..

Oil Inventories Headed Lower Through Remainder of 2021


Non-OPEC+ production outside of the US is facing challenges similar to the situation with the US shales. In their most recent report, the IEA reports that non-OPEC+ production outside of the US..

Leigh Goehring on the Many Factors Sending Oil Prices Higher


Managing Partners Leigh Goehring and Adam Rozencwajg recently hosted a video conference call along with Stacy Havener, CEO and Founder of Havener Capital Partners. During the event, they discussed..

This quarter's

Natural Resource
Market Commentary