The biggest risks in energy may still lie ahead.

In this episode of Energy Espresso, Jim Wicklund sits down with Marshall Adkins, Managing Director and Head of Energy Investment Banking at Raymond James, to discuss how the Iran conflict, Strait of Hormuz concerns, and shifting global demand have driven oil prices back toward $75.

Is the market underestimating what comes next? They explore why crude prices remained relatively resilient despite supply disruptions, China’s role in balancing the market, and what’s next for oil, inflation, and U.S. production. The conversation also highlights the long-term growth outlook for natural gas, fueled by LNG exports, data centers, and expanding energy infrastructure.

00:00 Welcome And Setup

00:52 Ceasefire Ends Oil Jumps

03:17 Supply Losses And Skepticism

05:44 Unprecedented Disruptions

06:52 China Demand Management

09:46 Refinery Outages Crack Spreads

11:10 Why Oil Stayed Low

12:42 Inventory Math Breakdown

16:52 Tank Bottoms Explained

20:12 Politics And SPR Refill

21:04 Glut From Trapped Barrels

23:41 Hormuz Control And Iran

25:51 Iran Regime And Public Optics

27:01 IRGC Survival Logic

27:54 Hormuz Rerouting Timeline

29:09 Product Shortages Inflation

30:35 Trump Middle East Leverage

32:06 Drill Baby Drill Limits

34:55 Oil Market Glut Dynamics

37:21 Gas Demand Surge Ahead

44:13 Pipelines Unlock Supply

47:42 Energy Powers Growth

51:57 Final Takeaways Volatility

Can shipping decarbonize without a clear fuel winner?

Live from the Baker Hughes Annual Meeting in Florence, Energy Espresso host Jim Wicklund sits down with Raimondo Giavi, VP, Hydrogen at Baker Hughes; Carlo Luzzatto, CEO of RINA; and Claire Wright, Senior Vice President of Hanwha Ocean Europe, to unpack the future of maritime decarbonization.

They discuss regulatory uncertainty between the EU and IMO, the rise of green shipping corridors and port hubs, and why flexibility, through dual-fuel systems, efficiency gains, and adaptable turbine technology, may be the industry’s most realistic path forward.

00:00 Welcome From Florence

00:30 Meet The Guests

01:31 Maritime Rules And ETS

06:59 Net Zero And Flexibility

09:56 Ship Design And Efficiency

12:55 Energy Density Reality Check

15:12 Baker Hughes Gas Turbines

20:29 Certification And Proven Tech

22:41 Ports Bunkering And Corridors

28:00 Top Global Port Hubs

29:53 Pathways To Zero Fuels

30:16 Ammonia and Offsets

31:13 Fuel Competition Crunch

32:43 Piggybacking Infrastructure

33:30 Efficiency as Hero

34:39 Hydrogen Blending Reality

36:27 Green Hydrogen Economics

38:28 Materials and Repurposing

39:20 Value Chain Collaboration

40:51 Innovation Hubs and TRL

44:36 Building Trust and Culture

52:00 Data Sharing Barriers

55:37 AI for Operations

Things I learned this week.