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...
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...
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...
“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...
“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...
In our Q4 2020 letter, we discussed how China had emerged seemingly overnight as one of the world’s largest corn importers. While China had become a large importer of soybeans 20 years ago, its corn...
Given low ending stocks, both corn and soy are extremely susceptible to any disappointments in plantings, harvest, or weather. As the 2021–2022 season gets underway, problems have already developed....
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 was...
Exactly one year after West Texas Intermediate crude reached its historic -$37 per barrel low, the damage inflicted on global oil markets from the COVID-19 economic lockdowns has been largely...
“Jefferies published a research note entitled “Are EVs as ‘Green’ as They Appear?” in which they conclude an electric vehicle must be driven 200,000 km (or 124,000 miles) before its “whole of life”...