Our Research

Last week we shared our thoughts on the PJM capacity auction results: PJM Capacity Auction Results Exceed Consensus Expectations… How Lucky I am to Live in Bucolic Central PA (Eye Roll) For reference, here are…

Putting real money on the line via our natural gas trading has forced us to pay attention to a lot of ancillary industries outside of just traditional energy. Earlier today, we listened to the Corning…

…per the company’s conference call earlier today. Full details within. We also provide switching economics (coal vs. nat gas) within for PJM for 2026, based on ARLP sales price guidance (more for illustrative purposes). We…

…has been the most asked question today post the company’s Q2 results and earnings call earlier today. The ‘A’ is for Axel btw – for the curious. We will have some more detailed thoughts out…

*title for illustrative purposes only… but also kind of par for the course. As the ongoing Energy revolution has forced our hand in substantially broadening our energy eco-system focus (and we do not mind it…

OFS is one of *THE* most hated sub-sectors in Energy according to our most recent 2H’25 Outlook survey (Proprietary 2H’25 Outlook Survey Results Identify Key Trends, Stock Preferences, and Potential M&A Transactions…). With BKR reporting…

Reach out for the answers! Full details within. Timm At this capacity price, what energy price is needed to get a ~15% IRR that supports a new gas plant getting built at 2500/kw? What is…

Please see within for a detailed summary on today’s PJM auction results. We believe several parameters differed widely from consensus expectations (Read On). At the time of this writing, this is the share price performance…

After the close today, EQT; MTDR; and RRC kicked of E&P reporting season. Within, we highlight some of the key takeaways from the releases – and perhaps more important – some of the common themes,…

…on the weakness. Front month NG1 (Aug) and NG2 (Sep) are down ~7% at the time of this writing. Cal 26 is down but more muted at ~3%, on average (not volume weighted). Cal 27…

For the news, we include a brief summary description for each headline. We only include links to news sources that do NOT require you to have a subscription to the respective site, or if they do, they are free of charge. However,…

…if the CVX transaction closes as expected. This is according to a brief survey we conducted. Are we surprised? No Why not? LNG constantly gets floated as being added to the S&P 500 – but…

Every Friday (usually), the Baker Hughes rig count comes out at 13:00 ET. It is generally not a huge market mover, but today the report’s addition of nine natural gas rigs (see within by location…

…once again, per our recent 2H’2025 outlook survey results, which can be found here: Proprietary 2H’25 Outlook Survey Results Identify Key Trends, Stock Preferences, and Potential M&A Transactions… Versus the Upstream results we published last…

at least according to our ~150 survey participants. Link to full results: Proprietary 2H’25 Outlook Survey Results Identify Key Trends, Stock Preferences, and Potential M&A Transactions… We are splitting this into two parts. Upstream &…