Deep Dives &
Market Frameworks
Some ideas deserve more room. Recurrent research examining the structural forces, historical analogues and market frameworks shaping energy investing.
Shale as Peaker Plant: Recurrent on Oil Cycles
U.S. shale changed more than the amount of oil the world can produce. Its short-cycle economics changed how the oil market responds to scarcity, and how investors should think about the cycle.
The Recurrent EV Report,
9 Years Later
In 2017, an all-electric future increasingly looked inevitable. Nine years later, we revisit the forecasts, the economics underneath them, and what the experience teaches us about technological disruption.
Midstream's Journey Back from "Junk"
Midstream was sold as a boring, high-payout business. Then shale-scale growth collided with balance sheets built for income. We revisit the leverage cycle, the long balance-sheet recession, and the free-cash-flow recovery that ultimately changed the sector.
The Great Inflation Misdiagnosis
A 62-year study of inflation challenges the idea that GDP growth and Federal Reserve policy are what ultimately end commodity inflation. Our research points instead to the variable that creates new supply: capital investment in drilling and mining.