Welcome to Energy Markets Daily. Tuesday, January 6, 2026 — Technicals. Let's look at the charts after OPEC+ froze output. **CRUDE OIL** WTI near $57.32, testing support around $57.92. Key support at $55 remains critical. Resistance at $58.09, then major $62. 50-day MA above price confirms bearish bias. RSI mixed. **BRENT** Resistance cluster 59.49-59.07 holding. Support $57.95-57.67 tested. Trend down with lower highs/lows. **VOLUME** Post-holiday normalization but thin. OPEC+ freeze provides no bullish surprise. **NATURAL GAS** $3.47, down 1.52%. Testing 200-day support $3.56. Bears eye $3.47 then $3.26. Warm weather dominant short-term. RSI oversold territory emerging. **YEAR-END CARRYOVER** Positions reset but conviction intact. $55 WTI line in sand. Gas weather-driven but LNG structure holds. **THE BOTTOM LINE** Crude range-bound bearish. Gas oversold bounce potential but fundamentals weather-dependent. Trade the charts. Not headlines. **FINAL WORD** Energy project needing capital? We connect to institutional/family office networks. [email protected]. Subject: Energy Capital. This is Energy Markets Daily. Wednesday: Geographic Feature.

Welcome to Energy Markets Daily. Monday, January 5, 2026 — Strategic Positioning. Week two of 2026. Let's set the stage. **CRUDE OIL** WTI at $57.02, down 0.53% from Friday. Brent at $60.54, down 0.35%. Both continuing the soft start to 2026. **OPEC+ MEETING RESULTS** The January 4 meeting delivered exactly what we expected — no change. Eight key producers including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman agreed to maintain steady output. They paused planned production increases through February and March. The 1.65 million bpd of voluntary cuts remain in place. Next meeting February 1. **WHY IT MATTERS** OPEC+ is trapped. They cannot increase production without crushing prices further. 2025 saw oil drop over 18% — the steepest decline since 2020. The IEA predicts a 3.8 million bpd surplus in 2026. Non-OPEC supply keeps growing. They have no good options. **NATURAL GAS** $3.44, down nearly 5% on the day. Down 30% over the past month. Warm weather crushing short-term demand. Heating degree days falling across the southern central and eastern US. Storage flipped from deficit to surplus versus five-year average. But the structural case holds — EIA still projects $4.01 average for 2026. LNG exports hitting 16.3 bcfd. Dallas Fed survey sees year-end at $4.19. This is the buying opportunity if you believe the structural thesis. **CHINA WATCH** Services PMI slipped to 52.0 in December — slowest in six months. Manufacturing PMI at 50.1. Stimulus programs extending into 2026. The 15th Five-Year Plan kicks off. Watch for infrastructure spending impact on commodities. **CATALYST WATCH** EIA inventory reports resume this week. Weather forecasts for late January — potential cold snap in second half of month. China economic data. OPEC+ compliance monitoring. **THE BOTTOM LINE** Crude oversupplied. OPEC+ stuck. Gas selling off on weather but structural support remains. Trade the decoupling. **FINAL WORD** If you have an energy project or deal that needs capital, we connect qualified opportunities with institutional and family office capital through our global network. Reach out: [email protected]. Subject: Energy Capital. This is Energy Markets Daily. Tuesday: Technicals.

Welcome to Energy Markets Daily. Friday, January 2, 2026 — Weekly Recap. First trading day of the new year. Let's kick off 2026. **CRUDE OIL** WTI at $57.41, down 0.54% on the day. Brent at $60.85, down 0.78%. A muted start to the year. Markets digesting the 2025 damage — WTI down 20%, Brent down 17-19% for the year. **THE WEEK THAT WAS** Monday we covered strategic positioning coming back from the holidays. Tuesday we looked at technicals — $55 WTI support held. Wednesday we closed out 2025 with our Year in Review. Thursday markets were closed for New Year's Day. Today, first prints of 2026 confirm the thesis. **WHAT'S DRIVING PRICES** Oversupply concerns dominating. IEA predicts a surplus of 3.8 million barrels per day. BNP Paribas sees Brent falling to $55 in Q1 2026 before recovering to $60. Non-OPEC supply growth continues. OPEC+ trapped — they can't increase production without crushing prices. **OPEC+ UPDATE** Virtual meeting expected January 4. Likely to maintain decision to halt further supply increases. They're stuck. **NATURAL GAS** Mixed picture. Warm start to January cutting heating demand. But structural support remains. EIA projects winter average $4.30, full year 2026 at $4.01. LNG exports strong. Record Lower-48 production near 110 bcfd. Storage above five-year average. Short-term volatility but long-term bullish. **CATALYST WATCH** OPEC+ meeting January 4. China economic data. Weather forecasts for January-February heating season. EIA inventory reports resume. **THE BOTTOM LINE** 2026 starts exactly where 2025 ended. Crude oversupplied. Gas structurally supported. Trade the decoupling. **FINAL WORD** If you have an energy project or deal that needs capital, we connect qualified opportunities with institutional and family office capital through our global network. Reach out: [email protected]. Subject: Energy Capital. This is Energy Markets Daily. Have a great weekend. Monday: Strategic Positioning for week two of 2026.

Welcome to Energy Markets Daily. Thursday, January 1, 2026 — New Year's Day. Happy New Year. Markets are closed today. A quick note to kick off 2026. **WHERE WE STAND** WTI closed 2025 near $57, down approximately 20% for the year. Brent near $61, down around 17-19%. Crude oil's worst year since 2020. Natural gas closed near $3.91, up over 50% from 2025 lows. Our decoupling thesis — short crude, long gas — was fully validated. **2026 POSITIONING** We enter the new year with clear conviction. Crude bearish — EIA projects WTI averaging $50 for 2026, Brent $55. Global inventories continue building. Non-OPEC supply growth exceeds 1 million bpd. OPEC+ is trapped. Natural gas bullish — EIA projects $4.01 average for 2026. Goldman targeting $4.50 for summer. 2026-2028 represents the largest LNG capacity expansion in history. Data center demand from AI provides structural tailwind. **THE THESIS CONTINUES** Trade the decoupling. Short crude on oversupply. Long gas on LNG demand and structural tightness. Trade the data. Not the headlines. **MARKET HOURS** CME Globex reopens today at 6pm CT. Cash markets resume Friday. **THE BOTTOM LINE** 2025 proved us right. 2026 is about execution. Same thesis. New year. **FINAL WORD** If you have an energy project or deal that needs capital, we connect qualified opportunities with institutional and family office capital through our global network. Reach out: [email protected]. Subject: Energy Capital. This is Energy Markets Daily. Happy New Year. Friday: Weekly Recap to kick off 2026.

Welcome to Energy Markets Daily. Monday, December 29, 2025 — Strategic Positioning. We're back from the holidays. Let's set the stage for year-end and 2026. **CRUDE OIL** WTI at $57.33, up 1% on the day. Brent at $61. Both on track for their steepest annual decline since 2020 — WTI down over 20% for the year. **THE 2025 STORY** Our bearish thesis played out exactly as we called it. WTI hit $55.28 earlier this month. Brent broke below $60. OPEC revised Q3 from deficit to a 500,000 bpd surplus. EIA, IEA, and every major trading house confirmed oversupply. **THE 2026 OUTLOOK** More of the same. EIA projects Brent averaging $55 in Q1 2026. WTI could average $50 for the full year. Global oil inventories expected to continue building through 2026. Non-OPEC supply growth over 1 million bpd expected. OPEC+ will struggle to increase production without crushing prices. **SUPPORTS TO WATCH** Geopolitical tensions still simmering — Middle East, Russia-Ukraine. China's fiscal spending plans could boost demand. Dollar weakness providing some commodity support. But fundamentals dominate. **NATURAL GAS** $3.89, down from recent highs. But the structural case holds. EIA projects winter average at $4.30 — 22% above last winter. Full year 2026 at $4.01. Goldman Sachs targeting $4.50 for summer 2026. **LNG EXPANSION** 2026-2028 will see the largest LNG supply expansion in history. This supports US natural gas demand structurally. Data center demand from AI continuing to grow — electricity demand up 3.7% in 2026. **THE WEEK AHEAD** Year-end trading. Light volumes. Watch for position squaring. New Year's Day markets closed Wednesday. **THE BOTTOM LINE** Crude bearish into 2026 — EIA sees $50 WTI. Gas supported by LNG demand and winter weather. The decoupling thesis continues. **FINAL WORD** If you have an energy project or deal that needs capital, we connect qualified opportunities with institutional and family office capital through our global network. Reach out: [email protected]. Subject: Energy Capital. This is Energy Markets Daily. Tuesday: Technicals.

Welcome to Energy Markets Daily. Friday, December 26, 2025 — Geographic Feature: Ohio. Quick note — our team is out of the office for the holidays, so we're doing geographic features this week. Regular programming returns Monday, December 29th. Today: Ohio — the Utica Shale's quiet giant. **NATURAL GAS PRICES** Ohio seeing the impact of higher winter prices. Enbridge Gas Ohio's Standard Choice Offer rate hit $4.92 per MCF in December — up from $3.88 the previous month. EIA projected Henry Hub averaging nearly $4.30 this winter. **UTICA SHALE RENAISSANCE** EOG Resources acquired Encino Acquisition Partners for $5.6 billion, boosting their Ohio Utica position to 1.1 million net acres. EOG calls the Utica a foundational asset — running five rigs and three completion crews through end of 2025. Northern Oil and Gas agreed to purchase a 49% interest in Ohio Utica assets for $588 million. Production estimated at 65 million cubic feet equivalent per day net to NOG for 2026. **THE PRODUCTION STORY** The EOG-owned Wehr Spring Valley Farm well generated 40,489 barrels of oil and 203,299 MCF of natural gas in its first quarter. Seven new shale well permits issued in Ohio just between December 8-14. The industry is shifting toward natural gas and condensate plays in the Appalachian region. **DATA CENTER DEMAND** Ohio's data center growth is increasing power demand and straining the electric grid. This is contributing to rising electricity prices but also creating long-term demand for natural gas generation. **RENEWABLES** Ohio has 3,965 MW of utility-scale solar online, powering roughly 667,000 homes. 167.5 MW came online in 2025 with Ross Solar and Fayette Solar projects. **WHY OHIO MATTERS** For investors looking at Appalachian natural gas, Utica shale exposure, or Midwest power infrastructure — Ohio is underappreciated. We connect qualified opportunities with institutional and family office capital. Reach out: [email protected]. Subject: Energy Capital. This is Energy Markets Daily. Have a great weekend. Regular programming returns Monday, December 29th.

Welcome to Energy Markets Daily. Thursday, December 25, 2025 — Geographic Feature: Newfoundland. Quick note — our team is out of the office for the holidays, so we're doing geographic features this week. Regular programming returns Monday, December 29th. Merry Christmas. Today: Newfoundland — Canada's Atlantic offshore frontier. **THE BIG PICTURE** Newfoundland and Labrador's offshore oil production is a significant contributor to the Canadian economy. The producing fields are located in the Jeanne d'Arc Basin. Four main active facilities: Hibernia, Terra Nova, Hebron, and White Rose. Overall production averaged approximately 209,000 barrels per day in 2024 — down over 40% from the 2007 peak. But production is rebounding. **HIBERNIA** The first commercial offshore oilfield in the province. Produced approximately 130,000 barrels per day in 2019 but production is gradually declining. Still a foundational asset. **TERRA NOVA** The FPSO is fully operational as of March 2025. A life extension program completed in 2023 allows production potentially until 2033, adding approximately 70 million barrels of recoverable resources. Expected to produce 180,000 barrels per day in 2025. **THE OCTOBER SURGE** In October 2025, 8.4 million barrels were extracted from offshore Newfoundland — a 37.2% increase compared to October 2024. The highest monthly volume since July 2021. Every oil field contributed to the increase. Year-to-date, production up 15.5% over the same period in 2024. **THE OUTLOOK** Existing fields are aging with production projected to decline significantly from 2025 onward. But the offshore area has large resource potential. For investors looking at Atlantic Canadian offshore exposure — Newfoundland remains the play. We connect qualified opportunities with institutional and family office capital. Reach out: [email protected]. Subject: Energy Capital. This is Energy Markets Daily. Friday: Geographic Feature — Ohio.

Welcome to Energy Markets Daily. Wednesday, December 24, 2025 — Geographic Feature: Australia. Quick note — our team is out of the office for the holidays, so we're doing geographic features this week. Regular programming returns Monday, December 29th. Merry Christmas Eve. Today: Australia — the Pacific energy powerhouse. **LNG MARKETS** Gladstone LNG prices at $9.01 per MMBtu, down from $12.90 in March 2025. Treasury forecasts recovery to $10 by end of 2026. China's energy policy is shifting — prioritizing pipeline and domestic gas over LNG imports. But Japan, South Korea, Vietnam, and Malaysia are picking up the slack, increasing purchase volumes. **COAL DYNAMICS** Thermal coal at $108.46 per tonne as of December 16. Treasury forecasts a decline to $70 per tonne by end of 2026 — a 35% reduction. Exports to China have decreased but shipments to Japan, South Korea, Vietnam, and Malaysia are increasing. Metallurgical coal — premium hard coking coal at $215.10 per tonne. Projected to decline to $140 by end of 2026. But Australia's position as a leading exporter of high-quality met coal provides resilience. India remains a crucial support for met coal demand. **THE STRUCTURAL SHIFT** Coal-fired power generation gradually declining as renewables and LNG grow. The composition of Australian coal output shifting toward metallurgical coal — from 34% in 2025 to 38% by 2030. South Korea has pledged to phase out unabated thermal coal by 2040. **WHY AUSTRALIA MATTERS** For investors looking at LNG offtake, met coal exposure, or Asia-Pacific energy infrastructure — Australia is essential. We connect qualified opportunities with institutional and family office capital. Reach out: [email protected]. Subject: Energy Capital. This is Energy Markets Daily. Happy holidays. Thursday: Geographic Feature — Newfoundland.