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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What is The Jay Young Show?
Join Jay R. Young, who is part of four generations in the oil and gas industry, as he explores leadership and entrepreneurship, including in the oil and gas industry on The Jay Young Show. With deep family roots and industry experience, Jay delivers valuable insights on minimizing risk and maximizing returns. Each episode features engaging discussions on leadership principles, innovative investment strategies, and the latest industry trends. As the Founder and CEO of King Operating Corporation and author of the Forbes Book, "The Upside Of Oil And Gas Investing" Jay provides a unique blend of wisdom and cutting-edge thinking. Whether you’re an investor, industry professional, or curious about petroleum, tune in to gain actionable insights and thrive in the energy sector.