While many investors we speak with have dedicated allocations to natural resources, others believe the cyclicality of the asset class warrants a market timing approach. One opinion we’ve heard from...
In the second edition of our “Yellow vests and electrical vehicles” theme (you can read the first edition here), we dive back into how the inferior energetics of electric vehicles (EVs) are leading...
“There has never been an instance in the history of civilization where a new technology with inferior “energetics” has replaced an older technology with superior “energetics.” While in southern...
In January, Saudi Aramco announced they had completed a new analysis of the size of their oil reserves. This new report is significant because true size of the Saudi reserves has been a very hot...
"If we are correct, this would take OECD Inventory levels to 4.2 bn bbl by the end of 2019 or 90 mm bbl below the ten-year average level – a record deficit.” Data around drilling productivity in...
“Indian refined copper demand surged by 13,000 tonnes or 33% on a year-over-year basis to reach 50,000 tonnes per month.” Copper prices were weak toward the end of 2018 but have rebounded this...
“Looking forward, we still think the IEA is once again far too optimistic regarding its 2019 estimates for non-OPEC production outside of the US and Russia. Instead of growing by 120,000 b/d, our...
“Based on our models, inventories will now resume their steady draws throughout the rest of the year and prices will resume their advance.” While the severe weakness over the past several months...
Happy New Year! From the pop in natural gas prices to the sharp selloff in crude oil prices, 2018 packed a punch for natural resource investors. For your reading enjoyment, here are our top three...
In our second blog in this series, we attempt to analyze the real size of recoverable Saudi reserves, as well as the reasons Saudi Aramco may have pulled their IPO, which would have been the largest...