Miller/Howard Investments
Miller/Howard Podcast Series
Part 1: 2018 Energy Outlook
Michael Roomberg, Portfolio Manager/Research Analyst  |  Full Bio (PDF)
Part 1: 2018 Energy Outlook
Part 2: 2018 Crude Oil Outlook
Part 3: 2018 Natural Gas Outlook


Hello, this is Michael Roomberg, Portfolio Manager and Analyst at Miller/Howard Investments.

Having closed the book on 2017, where are we now, and where are we going?

Current data suggest that energy stocks are cheap, in particular relative to the broader market. Energy demand continues to grow to record new levels both in the U.S. and abroad, and energy commodity prices have firmed. Petrostates from Russia to Saudi Arabia have strong incentive to continue supporting the markets, which we expect them to do. Meanwhile, U.S. shale continues to take market share from deepwater offshore and declining conventional production around the world. Importantly, provided that economic growth remains positive, we expect more than enough room to support additional shale production growth in 2018 and beyond.

On the subject of the economy and energy demand, while one can debate the long term effects of adding to the nearly $20 trillion Federal debt, in the near term, expansionary fiscal policy (in the form of tax cuts and possibly infrastructure stimulus – soon to come) will almost certainly boost GDP growth, and place upward pressure on inflation and interest rates.


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