Recorded on June 10 2026 at NRS Studios
Elliott Gue joins Andy Millette on Natural Resource Stocks to break down the energy market setup investors are facing right now, including oil prices, natural gas demand, LNG exports, AI data centers, fertilizer, uranium, and nuclear power. Elliott explains why he believes the long-term oil floor may stay much higher than many investors expect, why U.S. shale producers are not rushing to increase production, and why oilfield services could become one of the most important opportunities in the energy sector. He also lays out the direct connection between AI power demand and natural gas, arguing that data centers need reliable always-on generation that wind and solar cannot provide alone. The conversation also covers U.S. LNG export growth, the link between natural gas and nitrogen fertilizer, how energy affects food costs, and why Elliott prefers larger uranium names such as Cameco over junior uranium stocks in the current market. #Millettian
Key topics
Oil prices and the higher long-term floor
Strait of Hormuz pressure and front-end oil volatility
Why U.S. shale producers are not aggressively increasing production
Energy stocks and buying opportunities after geopolitical spikes
Oilfield services, SLB, Baker Hughes, and Middle East repair work
AI data centers and the need for reliable power
Natural gas as the key backup fuel for AI infrastructure
LNG exports and the U.S. energy advantage
Natural gas, nitrogen fertilizer, ammonia, and food commodities
Uranium investing, Cameco, and the nuclear buildout timeline
Why nuclear power is promising but slow to deploy
Guest links
Energy and Income Advisor
https://energyandincomeadvisor.com/
Free Market Speculator
https://freemarketspeculator.substack.com/
Host Andy Millette Natural Resource Stocks
Website https://www.NaturalResourceStocks.net
YouTube Main https://www.youtube.com/@naturalresourcestocks
X https://x.com/theandymillette
LinkedIn https://www.linkedin.com/in/andymillette/
NRS LinkedIn https://www.linkedin.com/company/naturalresourcestocks-net/
NRS Facebook https://www.facebook.com/people/Natural-Resource-Stocks/100090526686713/
NRS TikTok https://www.tiktok.com/@natural.resource.stocks
NRS Instagram https://www.instagram.com/naturalresourcestocks/
Chapters
00:00 Cold open
01:03 Andy welcomes Elliott Gue
02:05 Oil markets, futures curve, and the Strait of Hormuz
03:20 Why cheap oil may not return soon
04:43 Why shale producers are not chasing production growth
07:32 Should investors wait or average into energy stocks
09:25 Why oilfield services may be an opportunity
11:31 Baker Hughes, LNG equipment, and data center power
12:34 AI, American energy, and natural gas demand
15:03 Andy’s natural gas thesis
15:42 Why AI data centers need natural gas
16:58 LNG exports and Venture Global
19:22 Natural gas, food commodities, and fertilizer
20:24 Nitrogen fertilizer, ammonia, and U.S. gas advantage
24:13 Higher natural gas prices and U.S. shale producers
25:58 Uranium stocks and Cameco
28:06 Uranium spot price and nuclear buildout delays
30:30 Elliott Gue’s websites and Substack
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