EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors.
Thoughts On NextDecade
I’m traveling in Italy and am not so distracted by the cultural and culinary delights to have overlooked the news on NextDecade (NEXT). I’ve watched the subsequent stock price fall with disappointment. They lowered EBITDA guidance on Trains 1-5 from $1.1BN (midpoint of prior $0.9-1.3BN) to $1BN, starting in 2030. Distributable Cash Flow (DCF) is […]
Adapting To America’s Low Rate Policy
President Trump continues to heap pressure on the FOMC to cut rates, to the alarm of every economist and bond analyst. Central bank independence is the gold standard for western nations, the only way to assure that politicians don’t seek to juice growth synchronized with the election cycle. Fed chair William McChesney Martin Jr, who […]
Why Lower Oil Prices Will Boost Natural Gas
Many years ago, when we were researching silver mining companies, I was fascinated to learn how insensitive production and consumption were to prices. Unlike gold, which is mostly held as an investment, silver has many industrial uses. Consumer electronics represents over a third of demand. Silver has few good substitutes and is a comparatively small […]
The Energetic Outlook For Energy
Goldman Sachs released a report last week forecasting that Brent crude will slip into “the low $50s” by late next year. It currently trades at around $66 per barrel, down $8 from its year-end level end and $11 over the past year. The Energy Information Administration (EIA), in their most recent Short Term Energy Outlook […]
Midstream Is Better Under Trump 2.0
Now that we’re more than six months into Trump 2.0, comparisons with Trump 1.0 are spreading. For energy investors, Trump’s first term was a huge disappointment compared with the high expectations held by many when he took office. A year ago, as investors pondered the impact of a Kamala Harris presidency, we were often asked […]