The Frack-tured Cartel
Shale has become the only elastic, price-sensitive source of global oil supply. Its rapid response has shortened the oil cycle, muted price extremes and placed an expiration date on OPEC intervention.
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Long-form research on the market structures and capital cycles shaping energy, midstream energy infrastructure and natural resources.
- Oil & Shale
- Midstream Energy Infrastructure
- Natural Resources & Inflation
- Energy Transition
Research archive
Browse Recurrent's long-form research by theme. Each paper captures the argument as it was made at the time.
More than just Dividend Yield
With debt reduction and capex restraint largely achieved, earnings growth became the driver of the next leg of the midstream recovery.
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The Great Inflation Misdiagnosis
A 62-year case study arguing that commodity capital investment, not Fed policy alone, ultimately resolves commodity-driven inflation.
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The Energy Transition Becomes a New Dawn for U.S. Shale
Why higher risk premiums and shorter payback periods favor U.S. shale over long-cycle oil megaprojects.
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2020
The Virtues of Slower Growth
Why the end of shale-scale growth could improve free cash flow and returns across midstream energy infrastructure.
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2019
The Journey Back from “Junk”
Tracking balance-sheet repair and the credit-rating upgrade cycle as midstream approached investment-grade metrics.
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From Balance Sheet Recession to Recovery
How master limited partnerships became master leveraged partnerships, and why reversing the leverage cycle could drive recovery.
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From Gasoline to the Grid
A framework for battery costs, grid constraints, mineral scarcity and oil demand amid the rise of the electric vehicle.
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The Impact of Shale on Energy Cycles
How shale's short-cycle supply response changed the shape, duration and volatility of global oil cycles.
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Research history
Before Recurrent
Before founding Recurrent, our principals published research on oil cycles, natural gas, NGLs and the relationship between commodity prices and energy equities.
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2016
Oil supply in a dispatch-curve framework: U.S. shale as the new peaker plant for global oil
Mark Laskin
BP Capital Fund Advisors -
2015
A return to shorter oil cycles and a U.S.-centric market following the end of the OPEC era
Mark Laskin
BP Capital Fund Advisors -
2013
The end of the Northeast premium and a prolonged bear market for Northeast U.S. natural gas
Brad Olsen
Tudor, Pickering, Holt & Co. -
2011–2012
A coming sea change for NGL prices due to insufficient petrochemical demand
Brad Olsen
Tudor, Pickering, Holt & Co. -
2006
Changes in the relationship between energy stocks and oil prices before and after the 1983 oil crash
Mark Laskin
Morgan Stanley Investment Management -
2005
The seasonal impact of gasoline demand on the price of WTI
Mark Laskin
Morgan Stanley Investment Management
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