Episode Details

Enverus Intelligence host Gibson Scott sits down with Al Salazar, director of macro research, and Josephine Mills, senior macro research analyst, to break down this month's Fundamental Edge report, "You Can't Print Barrels." The team continues to hold their $100 Brent call, a position they've held since March, but the demand and supply assumptions underneath shifted sharply on Strait of Hormuz outages and Russian refinery losses. The team also cuts its Henry Hub forecast further, flags constrained Permian gas takeaway as an upside price risk, and unpacks Europe's tightening storage picture ahead of a historically strong El Niño winter. Plus: early signs of real upside from data centers in ERCOT, and a closing note on Chevron's expanded Venezuela guidance.