Recorded on December 17, 2025.
The opinions expressed are solely those of the guest and do not necessarily reflect those of Natural Resource Stocks.
In this co-hosted conversation, Steve Yang and Andy Millette sit down with Josef Schachter, founder and editor of the Schachter Energy Report, to map out what could drive oil and natural gas prices through 2026 and beyond. Josef breaks down why crude lost momentum in 2025, what inventory and geopolitical factors can do to WTI in the first half of 2026, and why underinvestment could set up an energy-led commodity supercycle that lasts into the next decade.
Key topics covered
Oil price drivers in 2025 and what changes sentiment into 2026
WTI downside risk scenarios and Josef’s quarterly range framework
OPEC field production, floating storage, and the role of strategic reserves
Where future supply could realistically come from, and why timelines matter
Natural gas and LNG catalysts, including Canada’s positioning
How Josef screens energy equities for quality and balance-sheet strength
Guest links
Schachter Energy Report: https://schachterenergyreport.ca/
About Josef Schachter: https://schachterenergyreport.ca/about/
X: https://x.com/JosefSchachter
Hosts and channel links
Natural Resource Stocks Website: https://www.NaturalResourceStocks.net
YouTube Main: https://www.youtube.com/@naturalresourcestocks
YouTube Clips: https://www.youtube.com/@NaturalResoureStocksClips
X: https://x.com/NRS_Stocks
LinkedIn: https://www.linkedin.com/company/natural-resource-stocks/
Andy Millette X: https://x.com/theandymillette
Andy Millette LinkedIn: https://www.linkedin.com/in/andymillette/
Steve Yang X: https://x.com/TheSteveYang
Steve Yang LinkedIn: https://www.linkedin.com/in/thesteveyang/
Chapters
00:00 Intro and oil sentiment reset
00:22 Why crude weakened in 2025
02:15 Iran, Venezuela, and headline risk
03:32 Risk of 52 WTI and the 2026 setup
04:25 SPR, inventories, and Q2 turning points
05:16 OPEC capacity and floating storage
08:09 Commodity supercycle thesis
12:07 Demand growth and long-term price targets
14:26 Spare capacity and capital needed to grow supply
15:59 Where new barrels must come from
18:40 Consolidation and stock selection framework
21:47 Natural gas and LNG catalysts
38:19 LNG Canada expansion and pricing implications
57:20 Closing takeaways
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