Good morning. This is The Iron Horse Daily Brief for Wednesday, October 22nd, 2025. Today's market is sending contradictory signals, and as always, Courtney Moeller pulled this intelligence this morning from OilPrice.com to get it to you before anyone else—because in a market this confused, clarity is everything. **The Number:** WTI crude is trading at $57.82 per barrel, up half a percent. Brent is at $62.29, up over 1.5 percent. Natural gas climbed 1.5 percent to $3.53 per MMBtu. But here's where it gets interesting: the American Petroleum Institute just reported that crude oil and gasoline inventories fell unexpectedly last week—the first decline in four weeks. At the same time, the U.S. Energy Department announced it's buying 1 million barrels to refill the Strategic Petroleum Reserve. Both of these are bullish signals that should be pushing prices higher. Yet Citi just made a public case for $50 oil, and Brent has been flirting with $60 all week as oversupply fears deepen. So which is it? Are we headed for tighter supply or a glut? **The Truth:** Here's what the data actually shows: Halliburton just topped Q3 earnings estimates on solid North American demand. SLB did the same last week. These are the two largest oilfield services companies in the world, and they're both reporting strong profitability from North American drilling. That tells you operators are being selective, not desperate. They're drilling where the economics work, and they're making money doing it. Meanwhile, the International Energy Agency is warning of a potential 4 million barrel per day surplus in 2026 as OPEC+ unwinds production cuts. Baker Hughes reported that U.S. gas rigs just hit their highest level since August, but the total rig count is still stalled at 548. Translation? The market is caught between short-term supply tightness and long-term oversupply fears. And here's the kicker: American drivers are now paying $2.97 per gallon for gasoline—near pandemic-era lows. That's not a sign of scarcity. That's a sign of oversupply working its way through the system. **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 the IEA is right about future prices. You're investing in proven production with tier-one operators like EOG and Continental in the Permian Basin. You're locking in 80 to 85 percent first-year tax deductions that offset your W-2 income, and you're generating monthly cash flow regardless of whether WTI is at $50 or $70. Iron Horse Energy Fund 1 is built for this exact moment: a market of conflicting narratives, disciplined operators, and a tax code that rewards action. The fund closes November 30th. That's 40 days from today. If you're serious about diversifying your portfolio, offsetting your 2025 income, and keeping more of your money out of the IRS's hands, visit JoinIronHorse.com. That's your brief for Wednesday. Let's keep building.