Energy

Mature Optimization / "Flight to Quality." After record production in 2025, the industry is entering a period of disciplined consolidation. North American drilling is slowing down (US crude production dipping <1% in 2026), but the Natural Gas & LNG sector is in a high-growth expansion phase. "Energy...

(A high-level synthesis of "Where are we in the cycle?" right now.) Mature Peak / Transition to Contraction. The industry is transitioning from record-breaking production in 2025 (13.6 million b/d in the US) to a period of modest contraction in 2026-2027, driven by oversupply and lower prices. "Disc...