In this episode of The Jay Young Show, Jay Young and co-host Jordan Soto sit down with Rob Thummel of Tortoise Capital to break down the biggest trends shaping oil, natural gas, LNG exports, energy investing, and the future of AI-driven power demand. From the long-term outlook for crude oil prices to the growing role of natural gas in data centers and grid modernization, this conversation covers the forces driving the energy market right now.

Rob shares his take on why energy remains essential to global growth, how oil and gas investors should think about 2026 and beyond, why LNG has become a global story, and how AI infrastructure could become a major tailwind for U.S. natural gas demand. Jay and Jordan also dig into California refining issues, global supply pressures, capital discipline, and what opportunities may still exist for investors who feel like they missed the last run in energy.

In Jay’s Weekly Five, Jay and Jordan talk about the word of the week, which is secure, and how preparedness, confidence, faith, and fundamentals help leaders and investors stay steady in uncertain markets.

Topics covered:
oil prices, natural gas prices, LNG exports, AI infrastructure, data centers, utilities, energy investing, energy stocks, Tortoise Capital, crude oil outlook, WTI, Brent, energy market trends, capital discipline, refinery news, investor strategy

Timestamps
00:00 Intro
00:45 Welcome back to The Jay Young Show
01:20 Meet Rob Thummel of Tortoise Capital
02:30 Why energy is still essential for global growth
05:10 Oil supply, rig counts, and why underinvestment matters
07:20 Rob on negative oil prices in 2020 and investor opportunity
10:00 Why U.S. oil and natural gas exports matter
12:20 LNG exports and why natural gas is now a global commodity
16:00 The Aubrey McClendon / Cheniere LNG story
18:10 Why data centers could drive major natural gas demand
21:30 AI, utilities, grid modernization, and behind-the-meter power
25:20 Rob’s oil outlook: cyclical move or structural shift?
28:30 California refining, refinery closures, and fuel price pressure
32:10 Global oil supply risk and where future barrels may come from
36:20 Rob Thummel’s long-term oil price outlook
38:10 Have investors already missed the energy opportunity?
41:10 Tortoise Capital, energy funds, and investor access
43:30 Jay’s Weekly Five
44:00 Word of the Week: Secure
47:30 Bible verse: Deuteronomy 31:6
49:10 Book recommendations
52:00 TV recommendations
54:10 Podcast recommendations
58:00 Final thoughts and wrap-up

Highlight Timestamps
02:30 “Energy is pretty important” — why Rob says investors still need exposure
07:20 Rob reacts to negative oil prices and what smart investors learned
12:20 Why LNG changed the natural gas game globally
18:10 Jay’s thesis: data centers could trigger a big natural gas jump
21:30 Who pays for power demand from AI data centers?
25:20 Rob explains why higher oil prices may be structural, not temporary
36:20 Rob’s “Goldilocks” range for oil prices
38:10 What Rob says to investors who think they missed the move
44:00 Jay’s Weekly Five: the power of being secure in uncertainty
47:30 Deuteronomy 31:6 and staying strong under pressure