Energy Espresso
#47. Marshall Adkins on Oil, Geopolitics, and the Future of Natural Gas
The biggest risks in energy may still lie ahead. In this episode of Energy Espresso, Jim Wicklund sits down with Marshall Adkins, Managing Director and Head of Energy Investment Banking at Raymond James, to discuss how the Iran conflict, Strait of Hormuz concerns, and shifting global demand have driven oil prices back toward $75. Is the market underestimating what comes next? They explore why crude prices remained relatively resilient despite supply disruptions, China’s role in balancing the market, and what’s next for oil, inflation, and U.S. production. The conversation also highlights the long-term growth outlook for natural gas, fueled by LNG exports, data centers, and expanding energy infrastructure. 00:00 Welcome And Setup 00:52 Ceasefire Ends Oil Jumps 03:17 Supply Losses And Skepticism 05:44 Unprecedented Disruptions 06:52 China Demand Management 09:46 Refinery Outages Crack Spreads 11:10 Why Oil Stayed Low 12:42 Inventory Math Breakdown 16:52 Tank Bottoms Explained 20:12 Politics And SPR Refill 21:04 Glut From Trapped Barrels 23:41 Hormuz Control And Iran 25:51 Iran Regime And Public Optics 27:01 IRGC Survival Logic 27:54 Hormuz Rerouting Timeline 29:09 Product Shortages Inflation 30:35 Trump Middle East Leverage 32:06 Drill Baby Drill Limits 34:55 Oil Market Glut Dynamics 37:21 Gas Demand Surge Ahead 44:13 Pipelines Unlock Supply 47:42 Energy Powers Growth 51:57 Final Takeaways Volatility
