AI, Natural Gas, and the Middle East: Navigating Energy Supply Shocks feat. Rob Hummel

In this episode of the Market Misbehavior podcast, Dave is joined by Rob Thummel, Managing Director and Senior Portfolio Manager at Tortoise Capital. Recorded 3/17/26.Rob shares what he’s learned from 30 years of investing in the energy sector, including his perspective on navigating unprecedented global supply shocks. We dig into the ongoing conflict in the Middle East and its impact on the Strait of Hormuz, the critical differences between WTI and Brent crude, the mechanics of Master Limited Partnerships (MLPs), how the AI boom is supercharging natural gas demand, and why high free cash flow and dividend yields matter so much in a tricky 2026 environment.📈 Topics Covered• The closure of the Strait of Hormuz and its immediate impact on global oil supply• Key differences between West Texas Intermediate (WTI) and Brent crude oil benchmarks• The role of the US Strategic Petroleum Reserve (SPR) during supply disruptions• How US energy independence and shale technology buffer against hyper-inflationary oil prices• The fundamental shift in energy sector balance sheets toward high free cash flow and dividend yields• Understanding Master Limited Partnerships (MLPs) and their unique structure• How the massive electricity demand required for AI data centers is driving the long-term bull case for natural gas🎓 Take Dave’s FREE course on behavioral investing: https://www.marketmisbehavior.com/freecourse📘 Check out Dave’s recommended reading list: https://www.marketmisbehavior.com/readinglist👉  Follow Dave on X: https://x.com/DKellerCMT👉  Follow Dave on Bluesky: https://bsky.app/profile/dkellercmt.bsky.social👉  Follow Dave on Facebook: https://www.facebook.com/marketmisbehavior👉  Follow Dave on Instagram: https://www.instagram.com/marketmisbehaviorThe content in this presentation should not be considered as a recommendation to buy or sell any security. All information is intended for educational purposes only and in no way should be considered as investment advice.