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Monthly Commentary
Recurrent's Previous Monthly Research Commentaries
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Mar 2025 - tariffs drive lower capex economy-wide, planting seeds of longer-term inflation
Feb 2025 - falling midstream debt drives lower volatilty; unintended consequence of political uncertainty = inflation
Jan 2025 - midstream leverage declines as capex rises; Shale continues to drive US economic differentiation
Dec 2024 - AI ushers in a brave new world for energy
Nov 2024 - Trump's 3-3-3 Plan is less ambitious than it seems; pipelines will remain a constraint
Oct 2024 - railroads offer a glimpse into midstream's future; gold's relationship to yield confounds expectations
Sep 2024 - midstream rally keeps pace with fundamentals
Aug 2024 - with inflation tamed, it's time for rate cuts...right?
Jul 2024 - midstream's unique value prop and oil's misunderstood volatility
Jun 2024 - why infra investors ignore midstream and America's durable BTU advantage
Apr 2024 - beware companies hyping the AI revolution
Mar 2024 - midstream rally drives other funds' tax bills higher; miners keep capex low
Feb 2024 - a tale of 2 cities: midstream and utilities
Jan 2024 - are investors prepared for the end of energy deflation?
Dec 2023 - a GOP win won't break pipe gridlock; Shale's value falls as volumes grow
Nov 2023 - factors driving midstream resilience; shrinking copper supply
Oct 2023 - midstream spends less, makes more; weak China PMI a GNR entry point
Sep 2023 - in Europe, EVs can't kill pipelines; XOM validates Shale as a high-cost option
Aug 2023 - Midstream & Utes diverge; ESG divestments are past the peak
Jul 2023 - Midstream v Utilities; Paper in a GNR portfolio
Jun 2023 - journey back from junk / 2-track energy asset market
May 2023 - CVX-PDC validates our white paper / MLP merger inefficiencies
Apr 2023 - 1975 and 2023: false dawns in the fight vs inflation?
Mar 2023 - midstream outperfs oil due to low debt; NR provides NASDAQ hedge
Feb 2023 - Midstream FCF exceeds Shale, commods more than just China
Jan 2023 - what drives energy perf, and when will gold perform?
Dec 2022 - CAPEX won't rise until valuation does
Nov 2022 - AMLP incurs massive tax expense; is energy defensive in a recession?
Oct 2022 - post-peak portfolio FCF remains robust; China obscures low commod inventories
Sep 2022 - capital efficiency: energy up, tech down
Aug 2022 - commodity inflation in a 'service economy'
Jul 2022 - Q2 FCF was ~4x higher vs. S&P 500; miners aren't mining
Jun 2022 - energy is way more than $100/bbl globally, and the Fed won't fix that
May 2022 - inflation goes structural, still nobody buying energy
Apr 2022 - nat res and energy become islands of stability
Mar 2022 - from divestment to "must own" in <2 years
Feb 2022 - Russia takes the world back to 1973
Dec 2021 - seeds planted for 2022 predictions
Nov 2021 - a year of record buybacks... and record inflation
Oct 2021 - in Q3, the long-awaited FCF inflection began
Sep 2021 - midstream's understated earnings power, aluminum shortages
Aug 2021 - midstream yields return to growth; drilling for shale gets more expensive
Jul 2021 - OPEC leaves oil alone; midstream vs. renewable debt
Jun 2021 - you call that a catch-up trade?
May 2021 - from the kindness of strangers to self-sufficiency
Apr 2021 - Signs of reopening strains in commodity markets
Mar 21 - Have investors forgotten how to hedge inflation?
Feb 21 - Stagflation and Lumber
Jan 21 - Inflation Hedging, CPI vs. PCI
Dec 20 - Midstream FCF/Buybacks, China Commod Demand
Nov 20 - FCF Expansion, Vaccine Rally
Oct 20 - Higher inflation, sector rotation approaching
Sep 20 - Record FCF Yields, Metals lead Energy
Aug 20 - Tech vs Value, Cali Power Crisis
Jul 20 - Midstream & Tobacco, Metals Outperformance
Jun 20 - Buffett Buys Pipes, Copper Bounce
May 20 - Post-COVID FCF, Reopening Trade
Monthly Commentaries
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