Energy Market Outlook - The energy market is viewed as an "energy addition" story, driven by population growth, economic growth, and the energy intensity of the global economy, requiring production from as many resources as possible [2][3] - Natural gas is considered uniquely positioned due to its lower carbon intensity compared to other traditional power resources, its abundance, and its potential as a key solution for providing energy and electricity [5] - The market has seen a swing back towards more traditional forms of energy due to the intermittency and variability of alternatives, which don't provide the 24/7/365 power needed for data centers and AI [4][5] Investment Strategy - The fund focuses on companies with strong growth opportunities, even if it means sacrificing some current yield [13][14] - The fund sees value in European integrated energy companies relative to North American counterparts, viewing natural gas as a key bridge fuel [6] - The fund is bullish on nuclear energy as a predictable, low-cost, and cleaner energy source that bridges the gap between traditional resources and alternatives [10][11] Company Specifics - Shell is the top holding in the Cohen and Steers natural resources active ETF, with a focus on putting Shell back on top, being the world's biggest trader of LNG [1] - TC Energy's natural gas pipeline network across the US and Canada is attractive due to strong demand and impaired ability to add new pipeline supply, leading to above-average returns [8][9] - TC Energy has nuclear facilities in Ontario that the market is believed to be underappreciating [11] - Williams Companies is a top five holding due to its franchise natural gas pipeline footprint and opportunities to increase pipeline capacity investments, particularly to facilitate power and electricity into data centers [14]

人事变动 - Verition 从 Millennium 聘请了一位交易员，旨在组建欧洲天然气、电力、碳和石油能源团队 [1] 行业动向 - 能源行业公司正在扩张其在欧洲天然气、电力、碳和石油市场的业务 [1]

Summary of Key Points from the Investor Presentation on the Future of Energy Industry Overview - The presentation focuses on the energy and power markets, highlighting four key themes driving current debates in the sector [1][8]. Core Themes Identified 1. **Golden Age of Refining** - Fuel demand is outpacing new refining capacity growth, indicating a significant opportunity for refiners [15]. - The refining capacity is expected to see delays, with only 0.5 million barrels per day (mbpd) of net new capacity added annually until 2028 [17]. - Global fuel demand remains steady, with India, Europe, ASEAN, and the Americas being key drivers of incremental demand [19][20]. 2. **China's Anti-Involution** - China's policy actions are focused on rationalizing older, inefficient refining capacities, with a target to phase out 60 million tons per annum (Mtpa) of outdated refining capacity by 2025 [25][29]. - Approximately 0.8 mbpd of teapot capacity has been rationalized in the past five years, with a further 3 mbpd (16% of China's capacity) at risk due to these policies [29][31]. - China's fuel exports have been declining since 2024 amid lower operating rates and reducing export quotas [34]. 3. **Natural Gas: Fueling the Decade** - Gas consumption expectations are being revised higher, particularly in Asia, driven by economics, infrastructure, and policy support [49]. - Asia is projected to absorb a significant portion of US natural gas exports by 2030, with the region consuming one-third of global gas and two-thirds of global LNG [52]. - The US shale revolution is reshaping energy markets, with a similar dynamic expected in Asia due to increased LNG export capacity [58]. 4. **Powering AI** - Global power demand is expected to grow significantly, driven by data centers and electrification of industries, with expectations revised up by over 100 basis points globally [78]. - The demand for power in data centers is projected to nearly triple by 2030, indicating a substantial increase in energy requirements [85]. - Natural gas is expected to play a crucial role in meeting this growing power demand, particularly in Southeast Asia and Japan [91]. Additional Insights - The refining sector is experiencing the slowest supply growth since 2003, with strong demand recovery expected above pre-COVID levels in 2023 [15][19]. - Transport fuel margins have rebounded, and rising OPEC supply is anticipated to support lower crude premiums [22]. - The chemicals sector is facing a deep downcycle, with Asian chemical companies expected to regain market share lost to Chinese peers since 2022 [37][40]. - The focus on free cash flow (FCF) is increasing in the chemicals sector, with capital expenditure intensity cut nearly in half [43]. This summary encapsulates the critical insights and data points from the investor presentation, providing a comprehensive overview of the current trends and future outlook in the energy and power markets.

Market Trends & Industry Dynamics - Energy demand is increasing, positioning companies focused on energy and industrial technology favorably [2] - Short-term volatility exists due to WTI and Brent fluctuations, influenced by OPEC barrels [3] - The industry is in the age of gas, with natural gas becoming a greater part of the energy mix and a key focus for Baker Hughes, especially regarding LNG exports [7] - A new normal is evolving in rig operations due to technology advancements and increased rig productivity, making a return to old highs unlikely [13] Company Strategy & Performance - Baker Hughes is diversifying into more stable areas to create future value, moving away from secular cyclical trends [5][6] - Baker Hughes is more focused on natural gas than oil in terms of services and technology provided [8] - The acquisition of Chart for over $9 billion is a strategic move to provide equipment and services in the energy space and diversify into other industrial sectors [8][9] - Baker Hughes expects $1.5 billion in orders over one to three years for the data center business, having already announced $650 million in the first half of the year [14] Technology & Innovation - AI is playing a role in productivity and efficiency, enhancing digital capabilities and increasing equipment uptime [11][12] - Digital solutions are increasing equipment uptime by anticipating and predicting downtime [12]

Personnel Change - Gunvor 前北美天然气和电力主管将于下月初加入能源贸易公司 InCommodities，以推动其美国部门的建设 [1] Company Strategy - InCommodities 正在扩张其美国业务 [1]

Economic Outlook & Business Sentiment - Cullen Frost Bankers sees customer agility in managing costs and passing them along, but the primary concern related to tariffs is uncertainty about a potential recession [4][5] - Businesses are delaying projects, not canceling them, due to recessionary worries, but increased clarity in trade policy could lead to renewed activity in the next 6-12 months [6] - Cullen Frost Bankers' loan pipeline is good, but many projects are being delayed; a Fed rate cut could stimulate activity [9] - Customers are trying to avoid raising prices to maintain market share and volume, suggesting limited inflationary pressure [10] Cullen Frost Bankers Performance - Cullen Frost Bankers experienced strong consumer activity in Q2, with a 37% jump in consumer deposit growth and strength in real estate loan products [1] Energy Sector - The energy industry is healthy at mid $60s per barrel oil prices, but significant production increases are unlikely at that level [12] - The industry is focused on efficiency rather than increasing production into lower price levels [13] - There's a growing bullishness around natural gas due to demand from data centers and increasing LNG capacities [14][15]

Company Strategy - Union Jack Oil, a UK-listed company, plans to mine Bitcoin on-site using natural gas [1] - The company is considering adding BTC to its treasury if the pilot program is successful [1]

Company Strategy - Union Jack Oil 与 Reabold Resources 等公司的合资企业计划在 West Newton 气田部署比特币挖矿设施 [1] - 该项目将利用现场天然气为数据中心供电，用于比特币生产 [1] Industry Focus - 能源行业公司正在探索利用天然气资源进行加密货币挖矿的新途径 [1] - 360 Energy 是一家总部位于德克萨斯州的公司，将参与该比特币挖矿设施的部署 [1]

Market Trends - European natural gas prices decreased due to tempered expectations regarding potential US sanctions on Russia's energy trade [1] Geopolitics & Energy Trade - The impact of a potential ceasefire agreement between Russia and other countries on European natural gas markets is being closely monitored [1]

Germany has given the green light for drilling as much as 13 billion cubic meters of natural gas at a protected marine site https://t.co/nYa2U3bwEd ...