Why Oil Could Still Go Much Higher with Josh Young, Bison Interests | The Geopolitical Edge

Oil markets currently face extreme volatility driven by geopolitical tensions, specifically the ongoing conflict between the U.S. and Iran, and government interventions that suppress prices. Despite lower global inventories, strategic petroleum reserve releases and narrative-driven price suppression have kept oil prices artificially constrained. Refining capacity remains a critical bottleneck, as structural exporters like Russia and China have shifted behaviors, leading to record-high margins for refiners. Josh Young, manager of the Bison Energy Opportunity Fund, argues that the current underinvestment in conventional oil exploration, combined with high depletion rates, signals a long-term cyclical bull market. Investors should prioritize onshore energy producers and services companies over tankers or refiners, as these sectors offer better value and exposure to the inevitable supply-demand imbalance. Natural gas remains complex due to aggressive production by private firms, making it a less attractive equity play despite rising demand from data centers.