Macro Voices MacroVoices #428 Adam Rozencwajg: AI Demand, Energy & Precious Metals
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May 16, 2024 
Adam Rozencwajg from Goehring & Rozencwaj discusses energy markets and precious metals on the podcast. They delve into the evolution of US natural gas market, US oil production data discrepancies, challenges in energy and gold markets, risk hedging strategies, market analysis, and speculation.
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US Natural Gas Market Poised to Rally
- US natural gas prices are extremely low but poised for a significant rebound due to supply constraints and rising demand.
- New LNG export terminals will create substantial near-term demand not yet priced in by the market.
Strategy for Natural Gas Investment
- Invest in natural gas companies with the best remaining Marcellus shale acreage for scarcity value.
- Favor equities over direct commodity investments due to natural gas market contango and valuation opportunities.
US Shale Oil Growth Reaches Peak
- US shale oil growth is plateauing and may have already peaked, threatening the global oil supply balance.
- Declining associated gas from shale also constrains natural gas production, amplifying market tightness.