Recorded on June 1 2026 at NRS Studios
Josh Young of Bison Interests and Bison Insights joins Andy Millette to break down one of the most intense oil market setups in years. Josh explains why the market was positioned for a super glut that he argues did not exist, how the Iran war and Strait of Hormuz disruption changed the supply picture, and why global inventories matter more than many traders realize. He walks through oil supply, storage, demand destruction, tanker delays, regional shortage risk, U.S. energy strength, oilfield services, drilling productivity, and what investors should watch as the cycle develops. The conversation also covers why Josh is cautious about panic buying, why energy exposure may still be structurally low across portfolios, and how Bison Insights was built around oil and gas investment ideas. #Millettian
Key topics
Oil market psychology before the Iran war
Why Josh rejected the super glut thesis
Global oil inventories and tank bottoms
Strait of Hormuz disruption and tanker delays
Why demand destruction remains limited
Potential shortage risk in Europe, Asia, Africa, and South America
Why the U.S. is positioned differently as an energy producer
Oil price volatility and the possibility of higher average prices
Drilling activity, rig counts, and well productivity
Oilfield services and energy stock exposure
Bison Insights and Josh Young’s oil and gas research
Guest links
Bison Insights
https://www.bisoninsights.info/
Bison Interests
https://bisoninterests.com/
Host Andy Millette Natural Resource Stocks
Website https://www.NaturalResourceStocks.net
YouTube Main https://www.youtube.com/@naturalresourcestocks
YouTube World https://www.youtube.com/@NaturalResoureStocksWorld
YouTube Clips https://www.youtube.com/@NaturalResoureStocksClips
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 Oil supply shock cold open
01:07 Andy introduces Josh Young
02:00 Why oil market psychology flipped
03:34 Pre conflict oil supply and inventories
05:04 Current supply losses and storage drawdowns
06:03 Demand destruction is still limited
08:20 Exxon, Chevron, and the 150 oil warning
09:10 Tank bottoms and why storage matters
12:09 U.S. consumers versus global shortage risk
13:08 Why reopening Hormuz would still take time
14:39 Underreported damage and infrastructure uncertainty
18:25 Which regions are most exposed
21:27 Oil volatility and higher average prices
25:41 Why the crisis sped up the oil cycle
27:03 Rig productivity and the next oil price test
30:12 Restarting wells after shutdowns
33:59 What oil companies are actually doing
37:37 Josh’s energy investing framework
38:52 Why oilfield services caught his attention
42:29 Why investors should not FOMO into energy
44:40 Bison Insights and Josh’s research work
47:18 Drill baby drill and the 250 WTI idea
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