April 17, 2019

Portfolio Manager’s Update – March 2019

The oil markets continued to firm over the past month with WTI prices back above $60/bbl. We have regularly used $60 as a long term target for domestic oil prices […]
March 14, 2019

Portfolio Manager’s Update – February 2019

The price of West Texas Intermediate (WTI) is now hovering around $57/bbl., not far from our long price target of $60. We have long said that a price of $60 […]
January 25, 2019

Portfolio Manager’s Review of 2018

January 9, 2019:  Review of 2018 2018 started with the energy markets still recovering from the shocks of the massive price declines of 2014 and 2015 and OPEC attempts to nurse […]
December 14, 2018

Portfolio Manager’s Monthly Update – December 2018

December 12, 2018 Dear Partners, Oil prices have continued to decline, creating a disproportionate impact on most oil related shares. As I mentioned last month, the price of oil and […]
November 8, 2018

Portfolio Manager’s Monthly Update – November 2018

November 8, 2018 Dear Partners, Oil prices reversed trend after many weeks of climbing. During October, both Saudi Arabia and Russia increased production to levels that the market believed would […]
October 9, 2018

Portfolio Manager’s Monthly Update – October 2018

October 9, 2018 Dear Partners, Oil prices have been pushing higher over the past few weeks because of a tightening of supply and looming sanctions on Iran’s oil output. It […]
September 5, 2018

Portfolio Manager’s Monthly Update – September 2018

September 5, 2018 Dear Partners, The U. S. oil and gas markets had a constructive month in August. Oil prices were firm, backed by a steady draw down of inventories […]
August 16, 2018

Portfolio Manager’s Monthly Update – August 2018

August 16, 2018 Dear Partners, This map shows the number of pipelines that are proposed to be built in the Permian Basin, to handle the expected increase in production in […]
July 9, 2018

Portfolio Manager’s Monthly Update – July 2018

July 9, 2018 Dear Partners, The oil markets and our holdings were stronger than expected in June after the big run up in May. Geopolitics and some technical issues get […]
June 11, 2018

Portfolio Manager’s Monthly Update – June 2018

June 11, 2018 Dear Partners, It is one thing to write about why we select certain holdings for our fund. It is another thing altogether to see our convictions come […]