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..

Update on US Shale Oil Production and Rig Count

08/27/2021

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

08/18/2021

“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..

Is Inflation Here to Stay?

08/11/2021

“With Earnings Soaring, Banks See Boom Ahead” The New York Times, 4/14/2021.

 

A vigorous debate has emerged surrounding inflation as money supply growth dramatically accelerates, deficit spending..

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