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PODCAST

SL Advisors Talks Markets

SL Advisors, LLC

Simon Lack and Henry Hoffman of SL Advisors consider inflation risks to investors and how to respond.

business investing

All Episodes

00:05:58

Trade Deals Boost LNG Stocks

SL Advisors Talks Markets ·

2025/07/30

European Commission president Ursula von der Leyen described the US-EU trade agreement as “huge”, demonstrating a helpful grasp of President’s Trump’s lexicon. The imposition of tariffs and the threat of punitive ones has gone remarkably smoothly. That may not always be so, but for now markets are buoyant and inflation only modestly higher. The White […]

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00:05:04

Another Power Auction Hikes Electricity Prices

SL Advisors Talks Markets ·

2025/07/27

PJM Interconnection announced the results of their capacity auction last week. This is where suppliers of electricity quote prices to provide surge capacity for periods of high demand (typically hot summer days). It used to be uneventful until last year, when the clearing price was 9X higher than before. This led to the price hikes […]

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00:04:57

Energy Is Wall Street’s Favorite Sector

SL Advisors Talks Markets ·

2025/07/23

The revenue and earnings outlook for the energy sector has deteriorated this year. Alone among the S&P 500’s eleven sectors, FactSet shows declining revenues of –9.6% when companies report for the second quarter based on bottom-up analyst forecasts. 2025 opened with high expectations following Trump’s election victory. And while the White House has followed through […]

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00:05:22

Not All Growth Projects Are Good

SL Advisors Talks Markets ·

2025/07/20

Kinder Morgan (KMI) kicked off pipeline earnings season last week, as they do every quarter. Their adjusted EBITDA came in a little ahead of expectations at $1.97BN vs $1.95BN. Management guidance was positive. LNG exports and data center power needs are the two growth drivers for natural gas pipelines. KMI’s Trident Intrastate Pipeline secured […]

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00:05:08

Next Leg Up

SL Advisors Talks Markets ·

2025/07/16

Morgan Stanley’s bullish report on US LNG stocks last week gave the sector a lift. The biggest impact was felt by NextDecade (NEXT), which was up 17%, bringing its market cap to $2.8BN. NEXT is still a small cap stock with no dividend, unusual for the midstream sector which is dominated by large-cap, investment grade […]

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00:05:34

Power Auctions Are Getting Interesting

SL Advisors Talks Markets ·

2025/07/13

Last Wednesday PJM Interconnection began their Capacity Auction. PJM runs the largest electricity grid in the US, extending from the east coast as far west as Illinois. The auction sources commitments for surge capacity, to ensure that even during times of high demand the system can meet the need for power. Capacity auctions haven’t historically […]

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00:05:26

Reliable Energy Is Mainstream Again

SL Advisors Talks Markets ·

2025/07/09

The ending of many renewables subsidies in the One Big Beautiful Bill (OBBB) is being hailed as a win for the oil and gas industry. The WSJ wrote, The Moment the Clean-Energy Boom Ran Into ‘Drill, Baby, Drill’, suggesting that oil production will benefit. But in reality it’s about electricity generation, and oil produced just […]

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00:05:07

Anniversary Celebrations

SL Advisors Talks Markets ·

2025/07/06

Around this time of year, I’m often asked if we celebrate July 4th. Since it is the anniversary of America’s Declaration of Independence, in Britain it receives scant attention. But I often note that had the war turned out differently I might not have emigrated to America in 1982. We have much to celebrate in […]

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00:05:01

Gas Kept Us Cool Last Week

SL Advisors Talks Markets ·

2025/07/02

Our power infrastructure survived last week’s heatwave, which saw the PJM Interconnect system peak at an almost twenty year high of 160,560 Megawatts on June 23. Natural gas provided 44% of generation, with solar at 6%. The ISO-NE system that covers New England saw peak demand a day later. This was met 47% by natural […]

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00:05:19

Energy By The Numbers

SL Advisors Talks Markets ·

2025/06/29

The Energy Institute’s (EI) Statistical Review of World Energy provides a wonderfully detailed view of what’s actually happening, mostly untainted by any political bias. The world is using more of all kinds of energy, raising living standards across the developing world. Hydrocarbons still dominate and will for the foreseeable future. There’s still a tendency even at […]

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00:05:33

Coping With Heat

SL Advisors Talks Markets ·

2025/06/25

This is the time of year when liberal news outlets warn of irreversible climate change. We spent a couple of days in Naples, FL which was, unusually, cooler than New Jersey. The daily afternoon thunderstorms that accompany hurricane season moderate the heat. When I first moved to New York from London in 1982 I remember […]

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00:05:13

LNG Keeps Growing

SL Advisors Talks Markets ·

2025/06/22

Conflict in the Middle East invariably leads to concern about disruption to crude supplies that pass through the Strait of Hormuz. Oil prices duly rose once Israel launched its surprise attack on Iran. Around 20% of total oil consumption comes through this narrow waterway. It’s unlikely Iran could close it for long if at all. […]

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00:04:57

US Midstream Is Far From Conflict

SL Advisors Talks Markets ·

2025/06/18

To trade the daily moves in the market is to be an armchair strategist. JPMorgan estimates the crude oil market reflects a 17% probability of a worst-case supply disruption out of the Middle East. Presumably an oil spike would hasten the war’s conclusion via US pressure on Israel. So Israel’s attacks on energy infrastructure are […]

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00:04:47

Strengthening Your Portfolio With Pipelines

SL Advisors Talks Markets ·

2025/06/15

When conflict occurs that might disrupt global oil supplies, portfolios that include an allocation to midstream energy infrastructure usually enjoy some modest protection. Crude traded up 14% on Thursday night as the Israeli attack unfolded. Some opportunistic hedging by producers trimmed those gains during the day. Energy stocks as usual responded positively. The effect on […]

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00:04:56

The Ethane Standoff

SL Advisors Talks Markets ·

2025/06/11

All over the world plastics are manufactured using derivatives of crude oil. Along with cement, steel and fertilizer these are what Vaclav Smil refers to as the four pillars of civilization. Modern life couldn’t exist without them. Renewables are largely irrelevant to their production. Anybody who studies how we use hydrocarbons must conclude, as we […]

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00:05:19

Gas Exporters Keep Growing

SL Advisors Talks Markets ·

2025/06/08

Venture Global (VG) continued its post-IPO recovery last week. Back in January price talk was above $50 which would have valued the company at double market leader Cheniere. Pushback from institutional investors reduced the IPO price to $25, but it quickly sank below this (see Nothing Ventured, Nothing Gained). VG has earned a reputation for […]

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00:05:03

Did Ukraine Boost Oil Prices?

SL Advisors Talks Markets ·

2025/06/04

Macro issues are driving the market even more than usual. Pipeline earnings came with barely a ripple as companies once again generally hit or modestly exceeded guidance. Crude oil rose on Monday on news that OPEC+ was planning a smaller than expected increase in output. This coincided with Ukraine’s spectacular attack on four Russian air […]

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00:04:57

The World’s Only Shale Revolution

SL Advisors Talks Markets ·

2025/06/01

In conversations with investors the Shale Revolution is acknowledged as driving US hydrocarbon production up. What is less appreciated is how much this has been a US phenomenon, with no equal anywhere else in the world. The technologies of hydraulic fracturing (“fracking”) and horizontal drilling were developed sufficiently that they allowed access to enormous reserves […]

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00:05:16

Investors Warm To Gas Exposure

SL Advisors Talks Markets ·

2025/05/28

The mood was reportedly upbeat at the 22nd Annual Energy Infrastructure CEO & Investor Conference (known as the EIC) in Aventura, FL last week. Performance has been good. The American Energy Independence Index, which reflects the overall industry, has a five year trailing return of 27% pa, easily beating the S&P500’s 16%. Management teams provided […]

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00:05:52

Notes From The Midstream Industry Conference

SL Advisors Talks Markets ·

2025/05/25

My partner Henry Hoffman attended the 22nd Annual Energy Infrastructure CEO & Investor Conference in Aventura, FL last week. Below are Henry’s notes from presentations and meetings. The mood at this year’s conference was upbeat, with natural gas demand driven by data center power requirements and the next wave of LNG projects taking center stage. […]

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293 results

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