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What Moves Oil: $40 or $60?

On the Energy Espresso Podcast, host Jim Wicklund sits down with Jan Stuart, Global Energy Economist at Piper Sandler, to break down what could actually move oil prices.

After talk of $40 oil, Stuart pushes back, arguing it would take a recession-level shock and missteps from OPEC+. Instead, he sees ~$60 with upside, pointing to tight spare capacity, steady demand, and low inventories, while also unpacking LNG volatility and a potential near-term glut.

00:00 Welcome and Guest Intro

00:45 Elevator Oil Trader Story

01:37 Can Oil Hit 40

02:04 Iran Risk and Spare Capacity

02:55 Global Demand Growth Outlook

04:05 Surplus Debate and NGLs

04:20 OPEC Plus Adds Barrels Back

05:44 Thin Spare Capacity Reality

07:26 Just In Case Stockpiling

08:30 Putting a Price Forecast

10:25 Why Not 100 Dollar Oil

11:19 Tier Two Tech Upside

11:57 Oil Price Reality Check

12:50 Global Supply Shifts

13:15 Europe Net Zero Backlash

14:37 LNG Export Boom Risks

15:10 Early Signs Of Glut

17:42 China Power Mix Reality

19:11 Cheap Power Wins

20:07 Clearing LNG With Price

22:31 Tech Squeezes Margins

23:45 Wrap Up And Thanks

Can the energy system keep up with AI power demand, and rising geopolitical risk?

Live from Daniel Energy Partners’ Thrive Event at Houston’s Daikin Field, Energy Espresso host Jim Wicklund sits down with Loren Singletary, Vice President-Global Accounts and Investor Relations at National Oilwell Varco, to break down oil price uncertainty tied to Middle East tensions and the Strait of Hormuz, the coming surge in U.S. gas demand, and the infrastructure challenges standing in the way.

They also explore deepwater’s comeback, LNG market shifts, and why pipeline bottlenecks, especially out of the Marcellus, could shape the next phase of U.S. energy growth

00:00 Welcome and Banter

00:56 Geopolitics Driving Oil

01:23 Strait of Hormuz Risks

03:20 Politics and Price Targets

04:15 Oil Price History

05:12 Forecasting and Boone

07:09 Gas Demand Surge

09:30 Pipelines and Permitting

12:27 All of the Above Energy

13:30 SMRs and AI Timing

14:34 NOV Leadership Shift

15:05 Deepwater Returns

16:13 Rigs and Day Rates

17:16 Where to Drill Next

19:21 Geoscience Breakthroughs

20:46 Evolution of Drilling Tech

21:37 Consolidation And Completion Science

22:28 Automated Rigs And Bigger Hookloads

23:51 Automation Versus Robotics

24:38 Safety Driven By Operators

25:29 Rig Supply Dayrates And Discipline

28:02 Bananas And Water Disposal Earthquakes

31:06 Treating Produced Water Economics

32:55 Power Crunch Data Centers And Coal

34:14 Ohio Mega Gas Plant And Scale

36:04 2026 Risks Gas Prices And Saudi Capacity

41:43 Wrap Up And Thanks