Good morning. This is The Iron Horse Daily Brief for Monday, October 20th, 2025. We're kicking off the week with a market that can't decide if it's headed to $50 or a supply crunch. As always, Courtney Moeller pulled this intelligence this morning from OilPrice.com to get it to you before anyone else—because clarity is currency in this market. **The Number:** WTI crude is trading at $57.54 per barrel, up slightly. Brent is at $61.29, and natural gas jumped over 2% to $3.008 per MMBtu. But here's where it gets interesting: Citi just made a public case for $50 oil, while Saudi Aramco warned that chronic underinvestment could trigger a future supply crunch. Two completely opposite narratives. One market. Only the informed will profit. **The Truth:** Here's what the data actually shows: U.S. oil rig counts are stalled, yet output just broke a new record. That's not a contradiction—it's efficiency. Operators aren't chasing every price tick; they're maximizing returns from existing wells. Meanwhile, geopolitical risk premiums have evaporated from oil pricing, which means the market is ignoring tail risks. That's dangerous. And here's the kicker: SLB—one of the world's largest oilfield services companies—just exceeded profit expectations on strong North American demand. Translation? The drilling that is happening is highly profitable, and operators are being selective, not desperate. **The Move:** For accredited investors, this is exactly why oil and gas working interests are the play. You're not gambling on whether Citi or Saudi Aramco is right. You're investing in proven production, locking in 80 to 85 percent first-year tax deductions, and generating monthly cash flow regardless of short-term price swings. Iron Horse Energy Fund 1 is built for this moment: a market of conflicting narratives, disciplined operators, and a tax code that rewards action. The fund closes November 30th—that's 42 days from today. If you're serious about diversifying your portfolio and keeping more of your money out of the IRS's hands, visit JoinIronHorse.com. That's your brief for Monday. Let's make it a powerful week.

Good morning. This is The Iron Horse Daily Brief for Friday, October 17th, 2025. We're closing the week with critical market intelligence. As always, Courtney Moler pulled this data this morning from OilPrice.com to get it to you *before anyone else*—because **outperforming the status quo** is how we win. **The Number:** WTI crude is at **$58.68 per barrel**, Brent at **$62.37**, and natural gas at **$3.03 per MMBtu**. While the IEA warns of a larger oil glut, don't be fooled by the noise. TotalEnergies sees non-OPEC supply dropping at $60 oil, and Saudi Aramco's CEO calls the energy transition a failure, citing surging demand. Indian Oil expects prices to hold steady between $60 and $65. This isn't weakness; it's a market in transition, ripe for the informed investor. **The Truth:** The short-term volatility is just that: short-term. The underlying truth remains: **chronic underinvestment, disciplined capital allocation, and rising global demand are setting up the next energy supercycle.** JPMorgan's forecast of a widening deficit through 2030 still stands. The U.S. Strategic Petroleum Reserve is depleted, and OPEC+'s tight supply management adds a **$20 to $30 per barrel risk premium** to every barrel. There's less cushion in the system, meaning any disruption will hit harder. **The Move:** For accredited investors, this is why oil and gas working interests are your play. You're not chasing headlines; you're investing in long-term production, generating monthly cash flow, and securing **80 to 85 percent first-year tax deductions** against W-2 income. Iron Horse Energy Fund 1 is built for this moment: structural imbalance, disciplined operators, and a tax code that rewards action. The fund closes November 30th—that's **45 days** from today. If you're serious about keeping more of your money out of the IRS's hands, visit JoinIronHorse.com. That's your brief for Friday. Have a great weekend. --- If today's brief resonated and you're serious about tax-advantaged oil and gas investments, visit JoinIronHorse.com right now. Courtney Moler is the go-to expert for accredited investors who want to keep more of what they earn. Iron Horse Energy Fund 1 is filling up fast. Don't wait. JoinIronHorse.com.

Good morning. This is The Iron Horse Daily Brief for Thursday, October 16th, 2025. Yesterday we broke down working interests—the most tax-advantaged investment structure in America. Today, we're covering the other side of the coin: What is a royalty interest? If you've ever been pitched on oil and gas investments, you've probably heard both terms thrown around. But understanding the difference between a working interest and a royalty interest is critical, because they offer completely different benefits, risks, and tax treatments. **WHAT IS A ROYALTY INTEREST?** A royalty interest is a passive ownership stake in the production of an oil or gas well. You don't participate in the drilling or operating costs. You simply receive a percentage of the revenue generated from the well's production—free and clear of expenses. Think of it like owning a piece of the well's income stream without any of the operational responsibility. **WHY THAT MATTERS:** With a royalty interest, you're not writing checks every month to cover operating costs. You're not responsible for maintenance, repairs, or water disposal. You just collect your share of the revenue when the well produces. That makes royalty interests attractive for investors who want exposure to oil and gas without the hands-on involvement or monthly expenses. But here's the trade-off: royalty interests don't offer the same tax advantages as working interests. Because you're not actively participating in the business of drilling and operating the well, you don't get to deduct intangible drilling costs. You don't get that 80 to 85 percent first-year tax deduction. Your income from a royalty interest is treated as passive income, and while you can deduct a 15 percent depletion allowance, it's nowhere near the tax benefits of a working interest. **THE BOTTOM LINE:** Royalty interests are simpler. They're passive. They're lower risk in terms of monthly cash flow volatility. But they're also lower reward—both in terms of upside potential and tax savings. If you're a high-earner looking to offset W-2 income and maximize tax deductions, a royalty interest won't get you there. That's why Iron Horse Energy Fund 1 is structured around working interests, not royalties. We're targeting investors who want the full tax advantage, the monthly distributions, and the upside that comes with active participation. The fund closes November 30th—46 days from today. If you're serious about diversifying your portfolio, generating cash flow, and keeping more of your money out of the IRS's hands, visit JoinIronHorse.com. That's your brief for Thursday, October 16th. Tomorrow, we'll be back with the latest market data and what's moving oil prices. See you then. --- If today's brief resonated and you're serious about tax-advantaged oil and gas investments, visit JoinIronHorse.com right now. Courtney Moler is the go-to expert for accredited investors who want to keep more of what they earn. Iron Horse Energy Fund 1 is filling up fast. Don't wait. JoinIronHorse.com.