

Q2 2026 Research Theme: Global Oil Markets Are Far Tighter Than Benchmark Oil Pricing Suggests
For this research note, we return to the oil macro theme outlined at our AGM in early July - namely that the rapid pullback of benchmark oil prices to pre-war levels post the U.S./Iran MOU of mid-June, was premature, unduly heralding a return to calm normality. Back then, the widening Brent contango alongside the Managed Money gross short position in Brent crude hitting a 12-month high certainly suggested an impending oil glut. Hardly surprising given the veritable ‘glutfes


PillarFour Capital Partners Announces Acquisition of The Bayou Companies’ Concrete Weight Coating and Anti-Corrosion Coating Businesses
NEWS RELEASE | June 05, 2026 PillarFour Capital Partners (“PillarFour”) is pleased to announce that it has completed its first investment out of its newest fund, PillarFour Capital Partners Fund III. Through a corporate carve-out, PillarFour is acquiring 100% of The Bayou Companies’ concrete weight coating and anti-corrosion coating businesses (“Bayou,” or the “Company”). Headquartered in New Iberia, Louisiana, Bayou is widely recognized as a market leader in offshore and ons


Q1 2026 Research Theme: Bottlenecks Slow Cloud-Based AI Data Centre Growth But Device-Embedded AI Is Powerful Alternative For Oil & Gas
Since we first wrote about AI some two years ago, the AI spend has gone through the roof – the hyperscalers are each spending substantially more than US$100 billion annually to build compute power! However, such explosive growth in AI spend has yet to be matched by sufficient on-grid or on-site power, gas-fired generation capacity included, coming onstream to address such AI-driven energy demand. Major multi-year supply chain and permitting bottlenecks are conspiring to delay


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