"Wouldn't a recession and continued economic weakness reduce energy demand and thus be bearish for oil and gas prices?"

This is a common question that frequently arises during discussions on the Commodity Culture podcast.

To shed light on this matter, Adam Rozencwajg, CFA, Managing Partner of Goehring & Rozencwajg, joined Jesse Day on the Commodity Culture podcast to delve into his research and provide insights.

Adam's expertise in the energy sector highlights its indispensability for various reasons, which he expounds upon during this interview. With an in-depth investment thesis for oil, natural gas, and uranium, Adam also clarifies the prevalent misunderstanding among investors regarding the intricate balance of supply and demand in the energy landscape.

We invite you to listen to this very enlightening interview.

00:00 Introduction
00:56 The Reality of Energy Demand
17:56 Increased Efficiency in Oil & Gas Extraction
24:09 Oil Now is Like Uranium a Year Ago
30:22 Outlook for Natural Gas
34:01 There Will Be a Scramble For Uranium
42:04 What's the Bear Case?

Interview was released on February 7, 2024.

Want to learn more from Goehring & Rozencwajg?
We invite you to download or revisit our Q3 2023 investor research letter, available below.   

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