Ep. 224: Are We Early or Late in the Energy Cycle? Oil & Gas Investing in 2026 with Robert Thummel

The energy markets are shifting again.

In this episode of The Jay Young Show, Jay Young sits down with Robert Thummel, Senior Portfolio Manager at Tortoise Capital, to break down where oil and gas investing stands heading into 2026.

Are we early, mid, or late cycle in energy?
Is capital discipline real this time?
What metrics actually matter when evaluating energy investments today, free cash flow, balance sheet strength, production growth?

Rob shares macro insights on:

• The current energy investment cycle
• Key indicators impacting oil & gas markets over the next 12–24 months
• How investors should position energy within a diversified portfolio
• Where the biggest disconnect exists between media headlines and market fundamentals
• One contrarian view most investors are missing

We also cover breaking oil & gas news:

California refinery shutdowns and what shrinking refining capacity means for gas prices

• Valero’s Benicia refinery closure
• Phillips 66 layoffs in Los Angeles
• The broader impact of regulatory costs on domestic energy infrastructure

Plus:

Jay’s Weekly Five
Word of the Week: Determination

Energy cycles test patience. Markets test conviction. Discipline and long-term thinking separate successful investors from reactive ones.

If you follow oil prices, energy stocks, capital markets, or macro investing trends, this conversation is for you.

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