Good morning. This is The Iron Horse Daily Brief for Monday, October 20th, 2025. We're kicking off the week with a market that can't decide if it's headed to $50 or a supply crunch. As always, Courtney Moeller pulled this intelligence this morning from OilPrice.com to get it to you before anyone else—because clarity is currency in this market. **The Number:** WTI crude is trading at $57.54 per barrel, up slightly. Brent is at $61.29, and natural gas jumped over 2% to $3.008 per MMBtu. But here's where it gets interesting: Citi just made a public case for $50 oil, while Saudi Aramco warned that chronic underinvestment could trigger a future supply crunch. Two completely opposite narratives. One market. Only the informed will profit. **The Truth:** Here's what the data actually shows: U.S. oil rig counts are stalled, yet output just broke a new record. That's not a contradiction—it's efficiency. Operators aren't chasing every price tick; they're maximizing returns from existing wells. Meanwhile, geopolitical risk premiums have evaporated from oil pricing, which means the market is ignoring tail risks. That's dangerous. And here's the kicker: SLB—one of the world's largest oilfield services companies—just exceeded profit expectations on strong North American demand. Translation? The drilling that is happening is highly profitable, and operators are being selective, not desperate. **The Move:** For accredited investors, this is exactly why oil and gas working interests are the play. You're not gambling on whether Citi or Saudi Aramco is right. You're investing in proven production, locking in 80 to 85 percent first-year tax deductions, and generating monthly cash flow regardless of short-term price swings. Iron Horse Energy Fund 1 is built for this moment: a market of conflicting narratives, disciplined operators, and a tax code that rewards action. The fund closes November 30th—that's 42 days from today. If you're serious about diversifying your portfolio and keeping more of your money out of the IRS's hands, visit JoinIronHorse.com. That's your brief for Monday. Let's make it a powerful week.

Good morning. This is The Iron Horse Daily Brief for Friday, October 17th, 2025. We're closing the week with critical market intelligence. As always, Courtney Moeller pulled this data this morning from OilPrice.com to get it to you *before anyone else*—because **outperforming the status quo** is how we win. **The Number:** WTI crude is at **$58.68 per barrel**, Brent at **$62.37**, and natural gas at **$3.03 per MMBtu**. While the IEA warns of a larger oil glut, don't be fooled by the noise. TotalEnergies sees non-OPEC supply dropping at $60 oil, and Saudi Aramco's CEO calls the energy transition a failure, citing surging demand. Indian Oil expects prices to hold steady between $60 and $65. This isn't weakness; it's a market in transition, ripe for the informed investor. **The Truth:** The short-term volatility is just that: short-term. The underlying truth remains: **chronic underinvestment, disciplined capital allocation, and rising global demand are setting up the next energy supercycle.** JPMorgan's forecast of a widening deficit through 2030 still stands. The U.S. Strategic Petroleum Reserve is depleted, and OPEC+'s tight supply management adds a **$20 to $30 per barrel risk premium** to every barrel. There's less cushion in the system, meaning any disruption will hit harder. **The Move:** For accredited investors, this is why oil and gas working interests are your play. You're not chasing headlines; you're investing in long-term production, generating monthly cash flow, and securing **80 to 85 percent first-year tax deductions** against W-2 income. Iron Horse Energy Fund 1 is built for this moment: structural imbalance, disciplined operators, and a tax code that rewards action. The fund closes November 30th—that's **45 days** from today. If you're serious about keeping more of your money out of the IRS's hands, visit JoinIronHorse.com. That's your brief for Friday. Have a great weekend. --- If today's brief resonated and you're serious about tax-advantaged oil and gas investments, visit JoinIronHorse.com right now. Courtney Moler is the go-to expert for accredited investors who want to keep more of what they earn. Iron Horse Energy Fund 1 is filling up fast. Don't wait. JoinIronHorse.com.

Good morning. This is The Iron Horse Daily Brief for Thursday, October 16th, 2025. Yesterday we broke down working interests—the most tax-advantaged investment structure in America. Today, we're covering the other side of the coin: What is a royalty interest? If you've ever been pitched on oil and gas investments, you've probably heard both terms thrown around. But understanding the difference between a working interest and a royalty interest is critical, because they offer completely different benefits, risks, and tax treatments. **WHAT IS A ROYALTY INTEREST?** A royalty interest is a passive ownership stake in the production of an oil or gas well. You don't participate in the drilling or operating costs. You simply receive a percentage of the revenue generated from the well's production—free and clear of expenses. Think of it like owning a piece of the well's income stream without any of the operational responsibility. **WHY THAT MATTERS:** With a royalty interest, you're not writing checks every month to cover operating costs. You're not responsible for maintenance, repairs, or water disposal. You just collect your share of the revenue when the well produces. That makes royalty interests attractive for investors who want exposure to oil and gas without the hands-on involvement or monthly expenses. But here's the trade-off: royalty interests don't offer the same tax advantages as working interests. Because you're not actively participating in the business of drilling and operating the well, you don't get to deduct intangible drilling costs. You don't get that 80 to 85 percent first-year tax deduction. Your income from a royalty interest is treated as passive income, and while you can deduct a 15 percent depletion allowance, it's nowhere near the tax benefits of a working interest. **THE BOTTOM LINE:** Royalty interests are simpler. They're passive. They're lower risk in terms of monthly cash flow volatility. But they're also lower reward—both in terms of upside potential and tax savings. If you're a high-earner looking to offset W-2 income and maximize tax deductions, a royalty interest won't get you there. That's why Iron Horse Energy Fund 1 is structured around working interests, not royalties. We're targeting investors who want the full tax advantage, the monthly distributions, and the upside that comes with active participation. The fund closes November 30th—46 days from today. If you're serious about diversifying your portfolio, generating cash flow, and keeping more of your money out of the IRS's hands, visit JoinIronHorse.com. That's your brief for Thursday, October 16th. Tomorrow, we'll be back with the latest market data and what's moving oil prices. See you then. --- If today's brief resonated and you're serious about tax-advantaged oil and gas investments, visit JoinIronHorse.com right now. Courtney Moler is the go-to expert for accredited investors who want to keep more of what they earn. Iron Horse Energy Fund 1 is filling up fast. Don't wait. JoinIronHorse.com.

Good morning. This is The Iron Horse Daily Brief for Wednesday, October 15th, 2025. Today, we're dissecting the latest intelligence from JPMorgan, and the message is clear: we are staring down the barrel of a new energy supercycle. For those playing in the big leagues, this isn't just a forecast—it's an opportunity. And as always, Courtney Moler found this critical information today and wanted to get it to you before anyone else, because that's what she does: constantly outperforming the status quo and challenging the common narrative. **The Number:** JPMorgan forecasts a global oil market deficit of **1.1 million barrels per day this year**, widening to a staggering **7.1 million barrels per day by 2030**. That's not a glitch in the system; that's chronic underinvestment colliding with relentless demand. They're projecting Brent crude to average around **$66 per barrel in 2025**, but under extreme supply disruptions, prices could **spike as high as $120 to $130 per barrel**. And don't blink—their long-term forecast isn't $80; it's potentially **$100, even $150 per barrel** in the near to medium term. The U.S. Strategic Petroleum Reserve is already 40% below its long-term average, and commercial crude inventories are equally depleted. This isn't a drill. **The Truth:** The energy supercycle isn't a theory; it's a reality driven by robust global demand and tight supply. OPEC's spare capacity is diminishing, adding a **$20 to $30 per barrel risk premium** to every barrel. Higher-for-longer interest rates are hiking the cost of capital, forcing companies to prioritize shareholder returns over growth. This means less new supply, a higher marginal cost of oil, and a price curve pushing *north* of $80 a barrel. Geopolitical tensions, like the recent Israel-Hamas conflict, are merely "wake-up calls" to this lack of spare capacity, triggering short-term spikes that are becoming more sustained. This isn't just about oil; JPMorgan is also tapping into critical minerals like lithium, nickel, and rare earth elements, recognizing their central role in national security and economic strategy. The game is changing, and you need to be on the right side of the shift. **The Move:** Against this backdrop, JPMorgan Research believes **energy stocks will outperform the broader equities market.** Why? Because energy acts as a powerful macro hedge against rising inflation, interest rates, and geopolitical risks. As traditional markets brace for impact, the energy sector is positioned for dominance. For accredited investors, this isn't just about riding the wave; it's about owning the infrastructure that fuels the future. While others are distracted by the noise, the smart money is moving into tangible assets that generate cash flow and offer unparalleled tax advantages. Iron Horse Energy Fund 1 is your direct play into this energy supercycle, partnering with proven operators to give you working interests, significant tax deductions, and monthly distributions. We're not just predicting the future; we're building it. The fund closes November 30th—that's **47 days** from today. The window of opportunity is closing. That's your brief for Wednesday, October 15th. Tomorrow, we’ll dive into more evergreen educational content. See you then. --- If today's brief resonated and you're serious about tax-advantaged oil and gas investments, visit JoinIronHorse.com right now. Courtney Moler is the go-to expert for accredited investors who want to keep more of what they earn. Iron Horse Energy Fund 1 is filling up fast. Don't wait. JoinIronHorse.com.

THE IRON HORSE DAILY BRIEF - Tuesday, October 14th, 2025 OPENING AD (18 seconds): This is The Iron Horse Daily Brief—an AI-powered podcast brought to you by Courtney Moler and Iron Horse Energy Fund. If you're a high-earner getting crushed by taxes and want to know how oil and gas can offset your income while generating monthly cash flow, visit JoinIronHorse.com. Courtney has raised over $30 million, drilled 75+ wells with operators like EOG and Continental, and Iron Horse Energy Fund 1 closes November 30th. JoinIronHorse.com. EPISODE CONTENT (3 minutes 15 seconds): Good morning. This is The Iron Horse Daily Brief for Tuesday, October 14th, 2025. Today we're breaking down one of the most misunderstood concepts in oil and gas investing: What is a working interest? If you've ever wondered why oil and gas investments offer massive tax deductions while real estate doesn't come close, this is the answer. And if you're a high-earner looking to offset W-2 income, understanding working interests is critical. Here's what a working interest actually is: A working interest is an ownership stake in an oil or gas well that gives you the right to explore, drill, and produce. You're not just a passive investor collecting royalties. You're an active participant in the operation. You share in the costs—and you share in the revenue. Here's why that matters for taxes: The IRS treats working interest owners as active participants in a business. That means you get to deduct intangible drilling costs—things like labor, fuel, chemicals, and site prep—immediately. That's typically 80 to 85 percent of your investment in year one. If you invest $100,000, you can deduct $80,000 to $85,000 against your W-2 income that same year. Real estate doesn't give you that. Stocks don't give you that. Only oil and gas working interests do. But here's the trade-off: With a working interest, you're responsible for your share of operating costs. Every month, you'll receive a joint interest billing statement—that's the invoice for your portion of the well's expenses. Electricity to run the pumps. Maintenance. Repairs. Water disposal. It's all part of owning a working interest. The good news? Those monthly costs are also tax-deductible. And if the well is producing, your monthly revenue distributions typically cover those costs—and then some. Here's the bottom line: A working interest is the most tax-advantaged investment structure in America. It's how high-earners keep more of what they earn. It's how sophisticated investors generate monthly cash flow while offsetting six-figure tax bills. Iron Horse Energy Fund 1 is built around working interests with proven operators like EOG and Continental. You get the tax deductions. You get the monthly distributions. And you don't have to manage the wells yourself. The fund closes November 30th—47 days from today. If you're serious about diversifying your portfolio and keeping more of your money out of the IRS's hands, visit JoinIronHorse.com. That's your brief for Tuesday, October 14th. Tomorrow we'll cover WTI crude and what's moving markets. See you then. CLOSING AD (18 seconds): If today's brief resonated and you're serious about tax-advantaged oil and gas investments, visit JoinIronHorse.com right now. Courtney Moler is the go-to expert for accredited investors who want to keep more of what they earn. Iron Horse Energy Fund 1 is filling up fast. Don't wait. JoinIronHorse.com. --- Visit JoinIronHorse.com to learn more about Iron Horse Energy Fund 1.

Good morning. This is The Iron Horse Daily Brief for Monday, October 13th, 2025. Every weekday, we bring you the numbers, the truth, and the move in oil and gas markets. THE NUMBER: WTI crude is trading around $71, up from last week's close. Baker Hughes reports the U.S. rig count continues trending lower year-over-year. Meanwhile, the IEA's latest outlook shows global oil demand hitting 103 million barrels per day in 2026. The signal: demand is rising, but supply isn't keeping pace. THE TRUTH: Here's what Wall Street won't tell you. Global oil fields decline 6 to 9 percent annually unless you keep drilling. Since 2019, nearly 90 percent of upstream capital has gone to replacing declines—not growing supply. If U.S. tight oil operators stopped drilling today, production would fall 35 percent within 12 months. That's IEA data. New conventional projects take 15 to 20 years from discovery to first oil. That's why OPEC+ keeps delaying production increases. They know the market is tighter than it looks. And that's why smart money—Buffett, private equity, sovereign wealth funds—is quietly buying oil assets while they're mispriced. They're not betting on oil dying. They're betting on supply getting tight. THE MOVE: This is why Courtney Moler built Iron Horse Energy Fund 1 around working interests with proven operators like EOG and Continental. These are cash-flowing wells in proven basins. You get 80 to 85 percent first-year tax deductions to offset your income, plus monthly distributions starting immediately. The fund closes November 30th—48 days from today. If you're serious about keeping more of what you earn, visit JoinIronHorse.com. Don't wait. --- Visit JoinIronHorse.com to learn more about Iron Horse Energy Fund 1.