War in Iran Is Redrawing the Map for Natural Gas

Bullish:

• $NATGAS - Bob Brackett turned bullish on US natural gas after 15 years of bearishness, citing disciplined shale gas industry and strong structural demand drivers while supply remains constrained.

  • “Henry Hub, US natural gas, not the LNG stuff that's shut in, not other commodities. Henry Hub is unloved Okay. Sitting at $3 an MCF while we have all of these underlying demand drivers in The US. So it's the forgotten molecule today.”

    Bob·6:02

  • “And in a world where you have these really strong structural demand drivers to the upside and you have discipline on the supply side, that's a nice time to come into a sector.”

    Bob·7:35

  • “I think we think that's changed. I think that's changed. I think, you know, ultimately, certainly on shale oil, we're approaching a world where oil your shale oil inventory five to ten years from now looks pretty lean.”

    Bob·23:01
• $COAL - Thermal coal prices rising 30% year-to-date as Asia substitutes coal for LNG amid supply disruptions, creating demand for coal as alternative electricity source.

  • “Global thermal coal prices are starting to take off. They're up 30% year to date.”

    Bob·24:26

  • “Asia was left saying, well, we're short electricity. Let's go burn some more coal. Let's consume more. And so thermal coal prices back in Russia Ukraine, $300 a ton. Started the year at $100 a ton. We're up to 130.”

    Bob·24:40