Tortoise QuickTake Podcasts

Here's what you'll learn:   What's the latest in the Middle East: How a fragile ceasefire and restricted Strait of Hormuz access are shaping global energy flows. What the crude curve is signaling: Is the market underpricing risk despite ongoing supply disruptions? What's driving supply dynamics: How SPR releases are masking tighter underlying fundamentals. Why natural gas is diverging: What's behind weaker U.S. prices despite significantly higher global demand. What investors may be missing: Is the market too complacent about the duration and impact of supply disruption? Watch it now to help keep you and your clients on top of current events. Fan of the show? Make sure to like, subscribe and share the episode. Then tune in next week for more timely energy QuickTakes and market insights.

Here's what you'll learn:  How is ceasefire uncertainty impacting oil markets: Shifting conditions in the Strait of Hormuz are driving ongoing volatility  When could oil markets normalize: Futures suggest prices may stabilize over time, but timing remains uncertain  Why is energy leading the S&P 500: Strong fundamentals and demand highlight the sector's resilience  What role does infrastructure play in supply: Moving energy is critical to balancing supply and stabilizing prices  Why is the U.S. relatively insulated: Domestic production and infrastructure are helping keep prices lower  Where are potential opportunities within energy: Infrastructure strives to offer income, growth potential, and improving fundamentals Watch it now to help keep you and your clients on top of current events.  Fan of the show? Make sure to like, subscribe and share the episode. Then tune in next week for more timely energy QuickTakes and market insights.

Here's what you'll learn: How this has been 'one of the most interesting' months in 20+ years for Brian Kessens: Headlines highlight the disruptions to crude, but recent events have impacted energy supplies almost entirely across the board. What this might mean for stock prices: Not surprisingly, energy stocks have moved higher over the past month, but some may have even expected more. That's why it's important to remember the strong start to the year. Why this could be a competitive advantage for the U.S.: As an exporter, the U.S. remains energy independent, although there's not much capacity to export more. 2 big surprises this month: Get Brian's take on why service stocks are barely up and what's going on with the tanker in the Persian Gulf. Watch it now to help keep you and your clients on top of current events. Fan of the show? Make sure to like, subscribe and share the episode. Then tune in next week for more timely energy QuickTakes and market insights.

Here's what you'll learn: How are Strait of Hormuz disruptions impacting oil: Supply constraints are driving sharp price increases Why is the Brent-WTI spread widening: Strikes on Kharg Island are pushing global prices higher than U.S. benchmarks What makes Kharg Island critical: Nearly 90% of Iran's exports flow through this key chokepoint Why are global LNG prices rising faster: Import reliance in Europe and Asia is driving higher prices than in the U.S. How significant is the Qatar disruption: Rass Laffan damage could take 17% of capacity offline for years Why could U.S. exporters benefit: Global buyers may shift toward more reliable U.S. supply   Watch it now to help keep you and your clients on top of current events. Fan of the show? Make sure to like, subscribe and share the episode. Then tune in next week for more timely energy QuickTakes and market insights.

Here's what you'll learn:  How are infrastructure attacks impacting markets: Terminals, refineries, and LNG facilities are being hit, increasing volatility.  Why are global prices diverging: International crude and products are surging while U.S. prices remain more stable.  How could LNG disruption affect supply: Major facility damage could take years to repair, tightening markets.   Why might the U.S. benefit: Strong domestic supply and exports are helping insulate U.S. markets.   How effective are Strategic Petroleum Reserve (SPR) releases: Large releases help, but flow limits reduce near-term impact.   When could markets normalize: Recovery depends on ceasefire timing, repairs, and clearing supply backlogs.  Watch it now to help keep you and your clients on top of current events. Fan of the show? Make sure to like, subscribe and share the episode. Then tune in next week for more timely energy QuickTakes and market insights.

Here's what you'll learn: Heightened volatility: Oil prices are reacting quickly to geopolitical headlines and uncertainty.   Risk premium emerging: Markets may begin pricing in a geopolitical risk premium for oil.   Strait of Hormuz disruption: Any sustained closure could significantly tighten global oil supply.   U.S. advantage: Low domestic natural gas prices may benefit U.S. refiners and petrochemical producers.   Strategic reserves help—but briefly: Emergency releases can ease supply shocks, but only temporarily.   Duration matters most: The length of the disruption will ultimately determine market impact.

This month, Senior Portfolio Manager Rob Thummel and Research Analyst Hunter Wilcox highlight key themes shaping the energy sector: Market Performance: Energy leads as oil prices climb. HALO Trade: Infrastructure assets gain investor attention. Power Demand: AI data centers drive new energy needs. Pipeline Growth: Behind-the-meter power projects expand. LNG Momentum: Volume growth and capital returns remain strong. AI Infrastructure: Companies transform to meet HPC demand.

This month, Head of Investments Matt Sallee covers key energy market developments:Market Performance: Energy leads the S&P; midstream delivers strong gains.Weather Impacts: Winter Storm Fern drives price spikes, production losses.Infrastructure Strain: PJM proposes reforms amid supply shortfalls.Capex Surge: AI demand fuels infrastructure, power, and gas pipeline growth.Earnings Season: Positive results from OFS, power turbine, and gas names.M&A: Devon and Coterra announce $58B merger in the Delaware Basin.Download Transcript

This month, Senior Portfolio Manager James Mick recaps energy market performance and explores emerging themes for the year ahead:2025 Recap: Energy equities ended strong despite a 20% drop in crude.Midstream & Majors: Outperformed as oil correlations continued to decline.Venezuela: Regime change raises questions—but infrastructure challenges remain.Geopolitics: U.S.–China tensions may flare over crude trade dynamics.2026 Themes: Humanoid robots, affordability concerns, and nuclear momentum.Download Transcript

This month, Senior Portfolio Manager Brian Kessens breaks down key energy sector themes:Market Moves: Energy and midstream outperform the S&P 500Natural Gas: Prices rise on colder weather expectations and controlled productionCrude Outlook: Brent as OPEC+ cuts kick inDOE & AI: AI project aims to fast-track energy innovationPermitting Shift: NE states greenlight long-stalled pipeline infrastructureDownload Transcript

This month, Senior Portfolio Manager Rob Thummel covers the latest market shifts:Market Recap: Energy dips while the S&P 500 hits near-record highsPermian Update: U.S. production grows despite weaker oil pricesEnergy Infrastructure: Positioned for long-term demand from AI and LNGAI Capex: Big Tech raises 2025 spending forecasts to $335BUtilities: Growth estimates climb with data center load forecastsPower Buildout: Behind-the-meter energy projects on the riseDownload Transcript

This month, Head of Investments Matt Sallee shares timely insights into the energy sector's evolving landscape:Market Moves: S&P gains 8% in Q3; energy and utilities keep pace.Midstream Check: Trails early in Q3, rebounds to end slightly positive.Capital Markets: Energy infrastructure IPO activity gains traction.Strategic Deals: Sempra sharpens focus, secures $10B via asset sale.AI Infrastructure: Oracle and Stargate plans total over $800B in projects.Power Demand: 10 GW of new capacity targeted—nearly NYC's peak usage.Download Transcript

This month, Senior Portfolio Manager James Mick covers key energy developments:Market Performance: Energy equities stay resilient despite crude and gas weaknessMidstream Activity: Strategic M&A gains steam in the PermianNatural Gas Buildout: Project momentum grows with new pipelines and power demandCapex Outlook: Sector investment ramps to support AI-driven energy useAI Infrastructure: Nvidia forecasts $3–4T in AI-related capex through 2030Listen in for a timely market update and energy sector insights.Download Transcript

This month, Senior Portfolio Manager Brian Kessens highlights key themes driving the energy sector:Market Performance: Utilities lead; energy and power sectors outperform.Midstream Earnings: Beats from TC Energy, Enbridge; guidance trending higher.Capex Outlook: Project pipeline accelerating with stronger permitting support.M&A Activity: MPLX and Baker Hughes expand strategically.Upstream Trends: More output with less capex; Haynesville picks up steam.Power Constraints: Utilities stress grid buildout as AI load growth continues.Listen in for a timely market update and energy sector insights.Download Transcript

This month, Senior Portfolio Manager & Market Strategist Rob Thummel shares timely insights on:Sector Performance: Utilities and midstream remain standoutsGeopolitical Risk: Iran-Israel tensions drive sharp swings before stabilizingDemand Shift: Why electricity is the new oilCapex Highlights: Meta's new Ohio data centerCorporate Moves: Cheniere's LNG capcacity & Plains' $3.75B saleM&A Buzz: Shell–BP mergerListen in for a pulse check on the energy market and implications for investors.Download Transcript

This month, Senior Portfolio Manager Matthew Sallee covers key energy market moves:Market Check: Utilities and midstream gain groundEarnings Pulse: Strong beats across power and gasGas Deals: NRG's $12B acquisition and Vistra's $1.9B dealAI Demand: Data centers fuel infrastructure optimismOPEC & Oil: Supply shifts meet geopolitical tensionNuclear Policy Shift: Executive orders aim to accelerate innovationListen in for a breakdown of what's driving energy markets now.Download Transcript

This month, Senior Portfolio Manager Brian Kessens breaks down the latest energy market developments: Market Moves: Crude drops 19% in April; midstream outperforms. Tariff Fallout: China spares key U.S. energy exports—ethane exempted. OPEC+ Impact: Supply push could drive oil to the low $50s. Earnings Pulse: Solid results, new gas projects tied to data center demand. Quick Hits: Buybacks rise, utility capex steady, LNG demand may climb.Listen in for a breakdown of the market forces reshaping energy today. Download Transcript

This month, Senior Portfolio Manager James Mick breaks down key energy market themes:Market Performance: Natural gas up 7.4%, energy stocks rise.Tariff Talk: New U.S. tariffs spark inflation concerns.Energy Strategy Shift: Reshoring boosts U.S. energy momentum.Crude Snapshot: OPEC+ supply moves and sanctions pressure oil supply.Quick Hits: Gas inventories fall, prices swing 70%, and inflation escalators in play.Listen in for a breakdown of how policy shifts and market forces are shaping the energy landscape.Download Transcript

This month, Senior Portfolio Manager Rob Thummel breaks down the latest energy market shifts:Performance: Natural gas prices surged 30%, driving sector gains despite broader market declines.AI's Energy Impact: Big Tech's projected $300B in 2025 capex, with utilities forecasting long-term growth.Capex Trends: Big Oil majors plan over $100B in 2025 capital spending.LNG Boom: U.S. LNG exports expected to nearly double, securing America's dominance in global energy markets.Quick Hits: Energy Transfer's AI data center natural gas deal, Dominion Energy's 88% surge in contracted data center capacity, and small modular nuclear reactors traction.Download Transcript

This month, Senior Portfolio Manager Matt Sallee covers key energy market updates:Market Performance: AI-fueled energy demand drives infrastructure growth.Natural Gas Expansion: Major investments from Constellation, NextEra, and Chevron signal a shift toward gas-powered generation.Kinder Morgan's Outlook: $3.3 billion in new natural gas pipeline projects, with demand forecasted to grow 30% by 2030.Energy Tariffs: Trump's executive orders impose tariffs on Canadian and Mexican imports, impacting refiners, with the situation continuing to evolve.Quick Hits: DeepSeek's AI model shakes energy markets, Meta and Microsoft reaffirm AI infrastructure spending, and Venture Global's $1.8 billion IPO signals renewed capital market activity.Download Transcript

This month, Senior Portfolio Manager Brian Kessens shares these key insights:Energy Sector Recap: AI-driven growth with midstream performance surging by 44% as measured by the Alerian Midstream Energy Index.Trump's Energy Agenda: Anticipated lighter regulations and a comprehensive energy strategyNatural Gas Demand Outlook: LNG exports, AI-powered data centers, and reshoring poised to boost demandUtilities on the Rise: Data center demand and EV adoptionQuick Hits: Record U.S. oil production, M&A moves, and midstream infrastructure investments.Download Transcript

This month, Senior Portfolio Manager James Mick covers key energy market updates:Market Performance: Strong sector gains.Trump's Energy Policy: Deregulation, LNG growth, sanctions driving oil.Natural Gas Outlook: Higher LNG exports expected to benefit producers.Energy Tariffs: Proposed tariffs could raise U.S. refining costs.Quick Hits: OPEC+ cuts, Israel-Hezbollah ceasefire, ONEOK-Enlink buyout, DOE appointment.Download Transcript 

In this month's energy podcast Senior Portfolio Manager, Rob Thummel, discusses:Market Performance: S&P 500 hits an all-time high; energy and real estate lagEnergy Gains: Energy stocks outperforming, infrastructure up 34% YTDEarnings Insights: Increased natural gas turbine orders driven by AINuclear Developments: Google and Amazon partner on Small Modular ReactorsNatural Gas Investment: Evergy invests $2 billion in new plants for future electricity needsDownload Transcript 

In this month's energy podcast, Matt Sallee dives into the latest trends shaping the energy sector:Strong Q3 Gains: Midstream and utilities are seeing solid performance, with rising demand for natural gas and electricity.Geopolitical Tensions: Crude oil prices are surging amid ongoing tensions between Israel and Iran.Nuclear Energy Expansion: Constellation Energy reactivates Three Mile Island Unit 1, bringing 835 MW of carbon-free energy online—backed by Microsoft.Electricity Demand Surge: AI and digital transformation are driving unprecedented electricity needs.Corporate Developments: The latest M&A activities across the sector.Download Transcript 

In this month's energy podcast, Senior Portfolio Manager, Brian Kessens, provides key insights into August's market performance, covering:Mixed results driven by declining crude oil pricesStrong midstream earnings, with half of companies surpassing expectationsImproved drilling and oilfield service efficiency, even with fewer rigs in operationThe latest updates on M&A across the sectorA preview of the upcoming Barclay's Energy Conference, with a focus on capital returns, operational efficiency, and volume trendsDownload Transcript 

In this month's energy podcast, Senior Portfolio Manager, James Mick, discusses:July market performance: drops in crude oil and natural gas, while the S&P Energy Select Sector Index and utilities performed wellMarket focus shifting from inflation to unemployment, affecting interest rate expectationsMidstream earnings slightly beating estimates, with strong free cash flowEnergy topics of interest: new natural gas pipeline announced, expansion of LPG export facility, and record capacity auction prices in the northeast PJM regionDownload Transcript 

In this month's energy podcast, Senior Portfolio Manager, Rob Thummel, discusses:S&P climbing 15% and the energy sector standing out, led by strong gains in infrastructureOil prices rising 6% in June and natural gas surging 48% amid production adjustments and demand spikesEnergy infrastructure stocks showing resilience with improved fundamentalsOPEC+'s decision to extend production cuts and the operational launch of the Mountain Valley PipelineCheniere Energy continuing robust capital allocation strategy with 15% dividend increase and $4 billion stock buybackDownload Transcript 

In this month's energy podcast, President of Tortoise, Matt Sallee, discusses:Strong May returns for energy infrastructure despite softening crude pricesResilient midstream sector with significant fund flows and stable valuationsPositive macro trends with moderate CPI growth and stable forward expectationsRecap of Q1 earnings, midstream performance, utilities growth, and consolidation activityDownload Transcript 

In this month's energy podcast, Senior Portfolio Manager Brian Kessens discusses:Mixed energy sector performance in April after strong Q1First quarter earnings insightsMidstream sector highlightsDownstream and utilities performance as refiners face margin challengesAI's role - meeting growing power demand from data centersDownload Transcript 

In this month's energy podcast, Senior Portfolio Manager James Mick discusses:Performance updatesRising crude oil markets as geopolitical tensions continue to escalateUpdates on M&A activityRecap on an eventful CERAweekDownload Transcript 

In this month's energy podcast, Senior Portfolio Manager Rob Thummel discusses:Performance updates Factors affecting crude oil and natural gas prices and inventoriesOptimistic outlook for the energy sector endorsed by industry veterans Jim Teague and Warren BuffetForecast for strong LNG growthIncrease in M&A activityDownload Transcript 

In this month's energy podcast, President of Tortoise Matt Sallee discusses:M&A activity driving MLP outperformanceThe expectation for strong international activity continues to be a theme for oil field servicesNatural gas gathering and transportation volumes continue to drive growth to feed increasing demand for exportsImpact following Biden administration's order to the Department of Energy to halt review of applications for new LNG terminalsDownload Transcript 

In this month's energy podcast, Senior Portfolio Manager Brian Kessens discusses:Performance updates across the energy sectorAI's influence in 2023Crude oil and natural gas production growthChallenges in the utility sector and the ongoing impact of the Inflation Reduction Act (IRA)Strategic mergers and acquisitions (M&A)Download Transcript 

In this month's energy podcast, Senior Portfolio Manager James Mick discusses:Performance updates across the boardUpdate on Fed policy and interest ratesCrude oil markets following the delayed OPEC+ November meeting Potential major geopolitical concern for oil markets centers around Venezuela and whether or not it chooses to invade neighboring GuyanaDownload Transcript 

In this month's energy podcast, Senior Portfolio Manager Rob Thummel discusses:Updates across the energy sectorOil price fluctuation due to ongoing conflicts on the middle eastThe biannual release of potential supply of natural gas to the US by the Potential Gas CommitteeThe return of the mega-merger to the energy sectorDownload Transcript 

In this month's energy podcast, President of Tortoise Matt Sallee discusses:Three consecutive positive quarters for energy in 2023M&A - an important theme this year within the energy and power infrastructure sectorContinued challenges in the renewable marketsDownload Transcript 

In this month's energy podcast, Senior Portfolio Manager Brian Kessens discusses:Updates on second quarter earningsContinuation of M&A activityOil market tighteningExpectations for the upcoming conference circuit- starting with Barclays Energy Conference this weekDownload Transcript 

In this month's energy podcast, Senior Portfolio Manager James Mick discusses:Performance updates across the boardThe Fed restarting interest rate hikes after a brief respite in JuneMultiple weeks of positive returns for crude oilJuly kicking off earnings season with several companies reportingDownload Transcript 

In this month's energy podcast, Senior Portfolio Manager Rob Thummel discusses:How we believe the energy sector is poised to make a comeback in the second half of the yearOPEC+ reset quotas lowering 2024 production levelsUpdates on ONEOK's potential acquisition of Magellan Midstream PartnersSignificant new contract activity in the global LNG market as the U.S. and Qatar vie for top spot as largest global exporter of LNGDownload Transcript 

In this month's energy podcast, Senior Portfolio Manager Matt Sallee discusses:Updates on earnings season and key themes across the boardMidstream being a bright spot in Q1 energy earningsThe increase in M&A activity in both upstream and midstreamPush back following ONEOK acquisition of Magellan MidstreamMacro concerns surrounding the debt ceiling legislation and looming recession potentialDownload Transcript 

In this month's energy podcast, Senior Portfolio Manager Brian Kessens discusses:OPEC's decision to reduce crude oil production in attempt to gain control of pricesContinued high natural gas inventories and the resultsAccelerated buybacks in midstream following banking crisesNew EPA rules targeting emission standardsExpectations for the Fed's upcoming meeting on interest ratesDownload Transcript 

In this month's energy podcast, Senior Portfolio Manager James Mick discusses:March updates across energy and oil sectorsSilicon Valley Bank shutdown and its subsequent impact on energy companies and market returnsOPEC's surprising cut to crude oil productionDownload Transcript  

In this month's energy podcast, Senior Portfolio Manager Rob Thummel discusses:Commodity prices remaining low, although there are some indications of higher prices by the end of the yearKey themes from earnings updatesEnergy companies continuing to take an all-of-the-above approach to energy transitionDownload Transcript

In this timely energy podcast, Senior Portfolio Manager Rob Thummel discusses:Contributing factors to the historic fall of natural gas pricesWhy did they fall so quickly?Our outlook for natural gas prices in 2023?Download Transcript

In this week's energy podcast, Senior Portfolio Manager Matt Sallee discusses:Midstream outperforming the S&P in 2022 with lower volatility (beta of 0.70 to the S&P and 0.36 to crude oil)IEA forecasting record demand growth leading to tight supply putting upward pressure on oil pricesKickoff to fourth quarter earnings seasonDownload Transcript

In this year-end energy podcast, Senior Portfolio Managers Rob Thummel, James Mick, Brian Kessens and Matt Sallee discuss:An overview of the commodity markets and outlook for 2023Midstream year in review and outlookView on the broader energy sector and key themes going forwardDownload Transcript 

In this week's energy podcast, Senior Portfolio Manager Matt Sallee discusses:An interesting juxtaposition in the oil market between the bullish developments in the physical market vs the somewhat bearish futures marketUpdates in the LNG market including Sempra announcing partnership with ConocoPhillips for its Port Arthur export facility and New Fortress finalizing agreement with PemexCompany news highlights from TC Energy and EnbridgeUpdates following OPEC's last meetingDownload Transcript

In this week's energy podcast, Senior Portfolio Manager Brian Kessens discusses the following topics from last week:Some clarity provided as midterm election outcomes become known, 3Q earnings come to a close and an expected 50 bps interest rate hike in DecemberCrude oil moved lower on an increase in Covid cases in ChinaUpdates from two notable industry conferencesDownload Transcript

In this week's energy podcast, Senior Portfolio Manager James Mick discusses:Two primary forces that drove macro news: the Fed and ChinaTuesday's election not producing the expected red wave- and the market doesn't like surprisesBetter-than-expected CPI results on ThursdayChina's developing plan to lighten up its zero Covid policy in 2023, which should be positive for energy demandDownload Transcript

In this week's energy podcast, Senior Portfolio Manager Rob Thummel discusses:In October, Alerian MLP Index outperformed the Dow Jones Industrial Average, which had its best monthly gain since January 1976Updates on third quarter earnings season with many core infrastructure holdings reporting results last weekCompanies unveiling expansions to the U.S. energy infrastructure network that should facilitate increasing exports of crude oil, natural gas, and natural gas liquidsImpact of a windfall profits tax suggested by President BidenDownload Transcript