Newsletter No. 186
Good afternoon subscriber,
This week, the big story is where capital is going and why.
SpaceX is looking to build a new natural gas pipeline in Florida as it expands launch activity. The IEA is discussing another major release of oil and diesel reserves to help ease tight fuel markets. Cenovus is spending billions to add more oil sands and shale assets, while private equity firms continue putting money into traditional energy and infrastructure.
Demand for reliable energy is still growing, and companies are making long-term investments to make sure they have the supply, infrastructure and production they need.
Keep reading this week’s The Upside for a closer look at the stories shaping the energy market.
This Week's Headlines
Oil and Gas News
- SpaceX Bets on Natural Gas
- Oil Reserves Offer Only Short-Term Relief
- Private Equity Keeps Betting on Energy
What's Happening at King
- Rhett Bennett on Building Black Mountain, Scaling Fast and Finding Opportunity in Energy
- Continuing Tax Webinar Series Featuring Tax Strategist Ed Lyon
Move to Watch
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Cenovus Bets on Scale and Speed
Oil and Gas News
Oil Reserves Offer Only Short-Term Relief
The IEA is discussing a planned release of 100 million barrels of oil and diesel reserves from G7 countries to help ease tight fuel supplies and high prices.
The release is expected to happen over four months, with diesel coming out earlier, but key details are still being worked out. Even with the announcement, Brent crude remains above $100 per barrel.
Releasing reserves can help in the short term, but it does not create new supply. Once those barrels are gone, the market still has to deal with the same underlying supply challenges.
Private Equity Keeps Betting on Energy
Private equity firms continue to put major capital into oil, gas and energy infrastructure. S&P Global reported $14.7 billion in oil, gas and coal deals in the first seven months of 2026.
A big reason is demand. AI, data centers and rising electricity use are increasing the need for reliable power, including natural gas, along with renewables and nuclear.
The bigger takeaway is that energy demand is not slowing down. Capital is still moving toward the assets and infrastructure needed to keep up.
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Happening at King
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Rhett Bennett on Building Black Mountain, Scaling Fast and Finding Opportunity in Energy
On this episode of The Jay Young Show, we go back into the archives with Rhett Bennett, founder and CEO of Black Mountain. Rhett and I discuss the strategy behind identifying opportunities early, scaling businesses quickly and adapting as the energy industry changes. Rhett also breaks down the growth of Black Mountain’s frac sand business and how innovation in horizontal drilling and hydraulic fracturing helped transform U.S. oil and gas production.
Upcoming Tax Webinar Series Featuring Tax Strategist Ed Lyon
Planning ahead can make a big difference when it comes to taxes. Join Tax Strategist Ed Lyon and King SVP Rachel Griffith for a three-part webinar series focused on practical tax strategies for high-income professionals, business owners and investors.
Rethink Your Tax Strategy
Date: Tuesday, October 13, 2026
Time: 2 p.m. CT
Register Here
Move to Watch
Cenovus Bets on Scale and Speed
Cenovus is buying Athabasca Oil for about $4 billion, adding more oil sands and Duvernay assets to its portfolio.
The real opportunity here is not just the acreage. Cenovus plans to spend more capital, move faster and use its operating experience to grow production from these assets. The company expects to increase development spending by roughly $500 million a year and accelerate several projects that Athabasca had planned to bring on later.
This is another example of a major operator buying quality resources it believes it can develop more efficiently and turn into more production and long-term value.
All the best,
Jay
