The markets whisper before they move

We call those whispers Dirty Little Secrets

Where Early Market Signals Become Actionable Intelligence

What is Dirty Little Secrets

Dirty Little Secrets is East Daley’s annual market outlook built from bottom-up physical data across the energy value chain It surfaces the early signals, imbalances and structural shifts that tend to emerge quietly before they reshape market valuations and capital decisions.

Rather than reacting to headlines or consensus views, Dirty Little Secrets focuses on what markets are signaling beneath the surface when those signals still feel like noise not certainty.

This analysis is designed to help decision makers see where risk and opportunity are forming before markets move.

Dirty Little Secrets Energy Market Outlook 2026

Midstream Operators

Where the whispers hit utilization before the market notices

For midstream operators, risk does not announce itself in price. It creeps in through flows that stall, utilization that softens, and contracts that quietly underperform expectations. Dirty Little Secrets tracks these early signals to reveal where throughput risk is building, where growth assumptions start to crack, and where physical behavior is already rewriting the outlook long before it shows up in earnings.

Dirty Little Secrets tracks these early signals to reveal where throughput risk is building, where growth assumptions start to crack, and where physical behavior is already rewriting the outlook long before it shows up in earnings.

Photo of oil well in 2026

Investment Banks

Where the whispers surface before valuation and timing shift

For investment banks, market risk and opportunity rarely appear at the same time. They emerge first as subtle changes in asset performance, capital flows, and physical market conditions that quietly influence valuation and transaction timing.

Dirty Little Secrets surfaces these early signals to show where assumptions may no longer hold, where deal narratives start to weaken, and where market dynamics begin to reshape outcomes before activity accelerates or stalls.

Energy Marketers

Where the whispers surface before pricing dislocations widen

For energy marketers, opportunity and risk emerge where physical flows quietly diverge from pricing behavior. Small shifts in supply, demand, and logistics often create dislocations long before they appear in market screens.

Dirty Little Secrets surfaces these early signals to show where pricing assumptions may break down, where flow dynamics are shifting, and where commercial positioning can gain or add risk before the market adjusts.

Graph of physical pricing and flows of energy markets
Oil extraction reflected on a drop of oil

Private Equity Firms

Where the whispers surface before asset narratives unravel

For private equity firms, risk rarely begins with a headline event. It shows up earlier as small changes in asset performance, market structure, and physical dynamics that quietly challenge underwriting assumptions.

Dirty Little Secrets surfaces these early signals to reveal where downside risk may be forming, where performance expectations start to slip, and where exit narratives become harder to defend long before market sentiment shifts.

Asset Managers

Where the whispers show up before portfolios feel it

For asset managers, market risk rarely appears as a single event. It emerges quietly as physical market behavior drifts away from the assumptions embedded in portfolios and forward expectations.

Dirty Little Secrets surfaces these early signals to highlight where underlying assumptions begin to weaken, where exposures are quietly mispriced, and where small physical shifts can ripple through portfolios long before performance tells the story.

Graph of energy market portfolio and risk allocation
Oil refinery with East Daley's Equity Valuation Assumption dashboard overlayed

Equity Investors

Where the whispers challenge valuation before the market reacts

For equity investors, risk often appears long before it shows up in price. It starts when physical market behavior drifts away from the assumptions embedded in forward valuations and growth narratives.

Dirty Little Secrets surfaces these early signals to show where expectations may be misaligned, where valuation risk is quietly building, and where underlying market dynamics begin to diverge from consensus views.

Utilities and Power

Where the whispers surface before supply risk becomes operational

For utilities, market risk often appears before it shows up in procurement outcomes. It begins as subtle shifts in fuel availability, demand patterns, and infrastructure reliability that quietly reshape supply assumptions.

Dirty Little Secrets surfaces these early signals to highlight where procurement risk is forming, where planning assumptions may no longer hold, and where physical market dynamics begin to matter before reliability is challenged.

Integrated Energy Companies

Where the whispers move across the value chain

For integrated energy companies, early market signals rarely stay isolated. They travel across upstream, midstream, and downstream positions, creating compound exposure that can quietly reshape performance.

Dirty Little Secrets highlights where these cross value chain signals are forming, where assumptions begin to conflict across segments, and where market shifts start to create risk or opportunity long before they show up in consolidated results.

Producers

Where the whispers reshape realizations and economics before plans change

For producers, market risk does not start with volume. It emerges earlier where pricing behavior, infrastructure constraints, and market access quietly alter production economics.

Dirty Little Secrets focuses on these early signals to highlight where assumptions around realizations and growth may be exposed, where constraints begin to matter, and where physical market behavior starts to reshape outcomes before plans are adjusted.

Oil production in the ocean
Oil rig with overlay of hedge funds graph

Hedge Funds

Where the whispers turn into opportunity before consensus catches up

For hedge funds, the most meaningful opportunities rarely come from what everyone sees. They emerge where physical markets quietly move ahead of pricing, positioning, and prevailing narratives.

Dirty Little Secrets identifies these early dislocations to reveal where assumptions are breaking down, where market behavior is already shifting, and where advantage forms before the broader market adjusts.

Independent Producers

Where the whispers reshape realizations before plans change

For independent producers, the most material risks surface before production begins, when downstream constraints, infrastructure dynamics, and market behavior quietly undermine realizations and long-term plans.

Dirty Little Secrets identifies these early signals, showing where production economics are shifting and where physical market changes begin to redefine strategy before operational decisions are forced.

independent producer oil rigs

Commercial Banks

Where the whispers surface before credit risk shows up on the balance sheet

For commercial banks, market risk rarely announces itself through defaults. It emerges earlier through subtle shifts in cash flow durability, counterparty behavior, and physical market dynamics that quietly change the risk profile of energy exposure.

Dirty Little Secrets surfaces these early signals to show where lending assumptions may be weakening, where capital exposure is quietly drifting, and where market conditions are beginning to stress credit before it becomes visible in performance or compliance metrics.

Credit and Distressed Debt

Where the whispers appear before stress becomes obvious

For credit and distressed investors, risk rarely starts with a missed payment. It begins earlier as small shifts in cash flow resilience, asset performance, and market conditions that quietly erode recovery assumptions.

Dirty Little Secrets surfaces these early signals to reveal where downside risk is forming, where balance sheets may be more fragile than they appear, and where physical market changes start to pressure credit long before distress is visible.

Oilfield

Oilfield Services

Where the whispers signal activity changes before cycles turn

For oilfield services companies, market shifts rarely arrive with warning. They begin as subtle changes in operator behavior, capital discipline, and basin level activity that quietly influence demand for services.

Dirty Little Secrets identifies these early signals to reveal where activity momentum may be slowing or accelerating, where assumptions around utilization are forming, and where physical market dynamics start to reshape the cycle before it becomes visible.

Chemicals and Materials

Where the whispers surface before margins feel the pressure

For chemicals and materials companies, early risk often surfaces before it reaches the income statement. It shows up as subtle shifts in feedstock availability, demand patterns, and downstream balances that quietly reshape margin assumptions.

Dirty Little Secrets identifies these early signals, revealing where feedstock dynamics are changing, where capacity assumptions may be exposed, and where market conditions begin to pressure margins long before the impact becomes visible.

Pipes used by chemicals and materials companies in the oil and gas market
Oil refinery with overlay of crude and product margin analysis

Refining Companies

Where the whispers surface before margins come under pressure

For refiners, market shifts rarely arrive all at once. They begin as subtle changes in crude quality, product balances, and demand behavior that quietly reshape margin dynamics.

Dirty Little Secrets surfaces these early signals to show where feedstock assumptions may be breaking down, where product market behavior is shifting, and where physical imbalances start to pressure margins before the impact becomes obvious.

Downstream Chemicals

Where the whispers surface before margins compress

For downstream chemicals operators, market shifts rarely arrive all at once. They surface first in subtle changes to feedstock dynamics, product balances, and demand patterns that quietly reshape margin performance.

Dirty Little Secrets identifies these early signals, showing where downstream assumptions are breaking down and where physical imbalances begin to alter the competitive landscape long before the impact is obvious.

Pipes used in downstream chemicals operators in the energy sector
Globe reflected in drop of crude oil

Traders and Merchants

Where the whispers break pricing before the market adjusts

For traders, opportunity and risk emerge where physical market behavior quietly moves ahead of pricing, positioning, and prevailing narratives.

Dirty Little Secrets identifies these early dislocations to reveal where assumptions are breaking down, where behavior diverges from expectations, and where advantage forms before the broader market catches up.

Be Ready for What Comes Next

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