Shale Oil: A Startling Prediction Using the Latest Statistical Techniques


“Under any scenario, future shale growth looks set to slow dramatically.”


Developments in the US shale basins have never been more important for global crude fundamentals. Over the past decade,..

Global Resource Anomaly: The Baltic Dry Index


“If global commodity demand was falling sharply today, we would expect tosee the Baltic Exchange Dry Index plummeting. Instead, just theopposite is happening.”


For nearly 30 years, we have been..

Global Resource Anomaly: Oil Market Term Structure


“While the conventional wisdom suggests the oil markets are in a sustained glut, the pronounced backwardization tells us that there is no truth in this belief.”


For nearly 30 years, we have been..

[PODCAST] A Comprehensive Look at Energy Markets with Leigh Goehring


On July 23rd, Leigh Goehring was a guest on the Invest with James West podcast series hosted by James West, Senior Managing Director & Partner at Evercore ISI.

Analyzing the DeGolyer & MacNaughton Audit of Saudi Crude Oil Reserves


“Headlines all strongly suggested DeGolyer & MacNaughton independently verified 260 bn bbl of Saudi Arabian oil reserves, in truth they only verified 162 bn (or 60%) of that amount.”


Picking up..

What Saudi Aramco’s Bond Offering Says About the Ghawar Oil Field


“Ghawar will not be able to increase production from here, making its 3.8 m b/d ‘maximum sustained capacity’ figure highly suspect.”


Major depletion issues are now emerging in the OPEC world,..

Conventional Non-OPEC Oil Production Continues to Decline


“According to the IEA, non-OPEC production outside of the U.S. and Russia peaked in June 2018 at 32.8 mm b/d and has since declined by 800,000 b/d.”

Despite Headlines, Global Oil Demand Remains Robust


Despite 2019’s rally in oil prices, investors remain bearish towards oil-related equities. While Brent and WTI prices rallied between 25 and 30% from their Christmas Eve-lows, oil-related stocks..

Investors Bearish Yet Energy Demand Has Never Been Stronger


“We have seen an extraordinary increase in global energy demand in 2018, growing at its fastest pace this decade.” Dr. Fatih Birol, Executive Director of the International Energy Agency (IEA)



Considering Natural Resource Private Equity? Keep This in Mind


Tempted to invest in natural resource private deals?


The past 18 months has seen one of the more curious divergences we have ever seen: natural resource public equity has seen large..

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