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.