Commodity Cycles and Sector Synchronization

This week on The Derivative, Jeff Malec is joined by seasoned resource investor Robert Mullin for a reality check on Venezuelan oil and the market narratives surrounding it. They dig into why headlines calling for cheap oil miss the point, what it actually takes to restart a broken energy system, and why “world’s largest reserves” isn’t the bullish mic drop many assume. Along the way, they unpack sanctions, shadow tanker fleets, Gulf Coast refinery hype, and where the real economic constraints lie. It’s a sharp, grounded conversation focused on market structure, logistics, and context, cutting through the noise without relying on forecasts or recommendations. SEND IT!

Chapters:

00:00-00:12= Intro

00:13-12:25 = US Involvement in Venezuelan Oil & Challenges in Venezuelan Oil Production

12:26-20:16= The Role of International Companies & The Shadow Fleet and Sanctions

20:16-28:15= Commodity Cycles and Market Dynamics & Investment Strategies in Resource Equities

28:16-43:27= Investment Strategies in Resource Equities

& Navigating the Resource Sector's Challenges

43:28-49:52= Gold & Precious Metals: Investment Strategies, Central Bank Moves, and Market Dynamics

49:53-59:42= From Base Metals to Nuclear: Equity Strategies and the Future of Resource Investing

59:43-01:07:55= Nuclear Frontiers, Geopolitical Shifts, and the Changing Role of Resources in Global Markets

From the episode:

About those Higher Interest Rates (Lower Bond Prices) - RCM Alternatives Blog post

Follow along with Robert on LinkedIn and check out Marathon's website marathonresourceadvisors.com for more information

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