G&R

table of contents

The Next Inflationary Surge is about to Begin
A Peak Ahead
2nd Q 2025 Natural Resource Market Commentary
From Relic to Renaissance: Oil’s Coming Repricing
The Arithmetic of Depletion: Shale’s Long Goodbye
Trump's Nuclear Revolution: The Policy That Could Redefine U.S. Power
Uranium Wakes Up
Platinum & Palladium: A Bull Market Years in the Making
A Gold Rally Without Investors?
Dry Fields and Short Bets
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When

August 27, 2025

2025Q2

Who

Leigh R. Goehring & Adam A. Rozencwajg

The U.S. shale miracle may be entering its twilight. In this quarter’s commentary, we revisit our oil thesis with new data and an updated framework: production growth has already begun to slow, and our analysis shows why natural gas and NGLs may soon follow.

These findings—published just as online debates have turned heated—clarify what’s really happening beneath the surface and why consensus expectations are missing the mark. For investors and policymakers alike, the implications are profound.

Download our current commentary for insights into:

The Next Inflationary Surge is about to Begin
Why U.S. shale oil has reached its plateau, what the decline curves reveal, and how gas and NGLs are likely to follow in its footsteps.
A Peak Ahead
How the carry trade has shaped markets for over a decade—and why the next cycle could turn sharply in favor of commodities and real assets.
From Relic to Renaissance: Oil’s Coming Repricing
Why oil may be today’s most mispriced commodity—and how investor disdain has set the stage for a historic reversal.
The Arithmetic of Depletion: Shale’s Long Goodbye
Why U.S. shale oil has reached its plateau, what the decline curves reveal, and how gas and NGLs are likely to follow in its footsteps.
Trump's Nuclear Revolution: The Policy That Could Redefine U.S. Power
The policy shift that could redefine U.S. energy power, and why uranium may be entering its strongest bull market yet.
Uranium Wakes Up
A short squeeze turns into a structural bull case, as new commitments accelerate long-term demand.
Platinum & Palladium: A Bull Market Years in the Making
Why dwindling inventories and tightening supply pipelines suggest a durable new cycle in PGMs.
A Gold Rally Without Investors?
Record highs with no public participation—why gold’s stealth rally is more bullish than it looks.
Dry Fields and Short Bets
What agricultural inputs are signaling about the next move in grain markets.

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