BTU Analytics provides independent fundamentals-based consulting and analytical subscription reports to the North American oil, NGL, and natural gas markets. Our focus is giving clients answers to complex questions supported by data and backed by analysis of the market from wellhead to burner tip. We form our view by bringing together bottoms-up fundamental analysis with upstream financial analysis to allow our clients to better navigate the market and determine opportunities and risks in the face of ever-evolving market conditions


Andrew Bradford

Andrew Bradford is the CEO of BTU Analytics where his responsibilities include commercial operations, business development, product development, and natural gas project consulting. Prior to BTU Analytics, he was the Senior Commercial Director of North American Natural Gas at Platts-Bentek Energy where he led the Bentek’s natural gas analytics team and ran commercial operations for Platts publications Gas Daily and Inside FERC Gas Market Report.  In this role, he served on the National Petroleum Council’s 2011 Prudent Development study.  Andrew launched Bentek Energy’s Northeast analysis in 2008 and consulted clients on many early Marcellus pipeline transportation strategies.  Andrew’s 20 plus years of experience in the energy industry includes positions at Amoco Production Company and Constellation Energy. He holds a Masters in Energy and Environmental Analysis from Boston University and a Bachelors in Geology from Colorado College.

Kathryn Downey Miller

Kathryn Downey Miller is President of BTU Analytics where she leads the firm’s consulting and analytics groups in delivering market advisory services to clients across all sectors of the industry.  Additionally, Kathryn oversees strategic planning, financial budgeting and analyst development for the company.  Prior to founding BTU Analytics, Kathryn built market expertise in a diverse set of prior industry roles, including buyside investment research at an energy focused hedge fund, energy market fundamentals consulting at Bentek Energy, investor relations strategy consulting for E&P companies and investment banking at Citigroup.  She speaks frequently at industry events on North American energy markets and is a CFA charterholder.

Anthony (Tony) Scott

Tony Scott is a partner at BTU Analytics, LLC and managing director of analytics. Over the last ten years, Tony has built an in-depth understanding of the North American energy market by developing market leading research into coal, natural gas, NGLs, and crude oil markets in North America. He has conducted hundreds of consulting engagements assisting producers, marketers, midstream, refiners, traders, and private equity understand how rapidly changing energy markets in North America would impact their assets and investments. Tony is a frequent speaker at industry events on North American energy markets including the IEF Thought-Leaders Roundtable. Prior to BTU Analytics, Mr. Scott lead the development of Bentek Energy’s upstream, NGL, crude oil, and consulting businesses. He holds a B.S. and M.S. in Mineral Economics from the Colorado School of Mines.

Mason Ender

Mason Ender is Chief Operating Officer at BTU Analytics, LLC and managing director of commercial, overseeing client relations, marketing, sales and operations.  Prior to BTU Analytics, he was the Manager of Sales for Bentek Energy, a division of Platts, where he was also a member of the executive team.  Mason has worked with energy companies both domestically and internationally to implement effective fundamental energy analytic solutions.  Mason also routinely presents energy market dynamics informing the market of upcoming risks and opportunities.


BTU Analytics seeks individuals with a passion for the energy industry who possess the desire and work ethic required to thrive in a start-up atmosphere. Interested in a career at BTU Analytics?  Please email your resume (put your first & last name in the file name of your resume please) with a short description of relevant work experience to careers@btuanalytics.com

 Open Positions

Energy Analyst

Energy Analyst II

Data Engineer

Speaking Engagements

BTU Analytics routinely speaks at investor meetings, energy conferences and board meetings. Email info@btuanalytics.com for more information.

Upcoming Events

San Antonio Pipeline Association 
February 13, 2020
San Antonio, TX
Speaker: Erika Coombs

Upstream PA 2020 Conference
April 16, 2020
State College, PA
Speaker: Anna Lenzmeier

North American Petroleum Accounting Conference
May 14, 2020
Dallas, TX
Speaker: Erika Coombs

Recent Speaking Engagements

SPEE – Midland Chapter
January 8, 2020
Midland, TX
Speaker: Erika Coombs

North Texas Gas Processors Association
November 20, 2019
Dallas, TX
Speaker: Matthew Hagerty

United States Association for Energy Economics North American Conference
November 4, 2019
Denver, CO
Speaker: Kathryn Downey Miller

OCTG & Line Pipe Forecasting Summit
October 3, 2019
Pittsburgh, PA
Speaker: Matt Hagerty

Coal Market Strategies Conference
August 12-14,  2019
Park City, UT
Speaker: Tony Scott

Argus Natural Gas Summit
May 14-15, 2019
Houston, TX
Speaker: Andrew Bradford

Texas Energy Council Symposium
April 25, 2019
Dallas, TX
Speaker: Matt Hagerty

Southern Gas Association Management Conference
April 18, 2019
Fort Worth, TX
Speaker: Andrew Bradford

Kayo Women’s Energy Summit
April 16, 2019
Houston, TX
Speaker: Kathryn Downey Miller

Natural Gas Society of East Texas Luncheon
April 11, 2019
Tyler, TX
Speaker: Andrew Bradford

PIOGA 2019 Spring Meeting
April 10, 2019
Pittsburgh, PA
Speaker: Mason Ender

National Coal Transportation Association Spring Conference
April 2, 2019
San Antonio, TX
Speaker: Andrew Bradford

Society of Petroleum Evaluation Engineers
March 28, 2019
Dallas, TX
Speaker: Erika Coombs

EnerCom Dallas 2019
February 27-28, 2019
Dallas, TX
Speaker: Kathryn Downey Miller

San Antonio Pipeliners Association Luncheon
February 14, 2019
San Antonio, TX
Speaker: Erika Coombs

Houston Gas Processors Association
February 13, 2019
Houston, TX
Speaker: Erika Coombs



In The News


US Shale Surges as Saudi Arabia Issues Veiled Supply Threats – October 18, 2018

OPEC Fights Back – and This Time, It’s Driving Oil Prices Up November 7, 2017

Dakota Access Line Outlasts Protests, Readies for Service – March 27, 2017

With Tillerson, Trump Gives Keystone XL a Friend in D.C. – December 13, 2016

Canada Fires May Have Prompted Rare U.S. Import of Danish OilJuly 11, 2016

Is the Oil Glut Coming to an End? (Video)- June 14, 2016

Texas Isn’t Scared of $30 Oil – February 3, 2016 


Are Proposed Natural Gas Pipeline Projects Given Sufficient Review? – June 1, 2017

The Booming U.S. Natural Gas Electricity Market – June 12, 2016 

Oil Extends Gains to Sixth Day on Dip in U.S. Output – June 29, 2017

Coal is still king in 18 US states. But for how long? – September 14, 2018

What killed coal? Technology and cheaper alternatives – August 21, 2018

Coal Power Company Files for Bankruptcy and asks Trump for Bailout – April 2, 2018

America’s renewable energy capacity is now greater than coal – June 12, 2019

10-Oil Pulls Back from Gains OPEC say Glut Nearly Gone  – April 19,2018

NGI logo

Natural Gas Markets Brace for Difficult Month as April Bidweek Prices Slide – April 1, 2020

Turmoil Hits Natural Gas Forward Markets, but Permian Bucking Trend – March 19, 2020

HSC Natural Gas Prices to Rise Amid Disconnect Between Surging Supply, Demand – September 23, 2019

US Pipeline Constraints May Spark NatGas Price Volatility as LNG Projects Enter Service – September 13, 2019

Industrial Demand Said ‘Unsung Hero’ of US Natural Gas Demand – September 10,2019

Forecasts Cooler as Natural Gas Futures Ease Lower; Cash Mixed– July 23, 2019

Cameron LNG Requests FERC OK to Begin Service by Friday– July 23,2019

Range Sells Core Royalty Interest, Other Properties for $634M – July 19, 2019

Global Insurance Giant Chubb to Curb Coal Underwriting – July 05, 2019

The Energy Wars Part 1: Natural Gas Under Fire as States Favor Alternatives in Climate Policy Push– June 21, 2019

Natural Gas Forwards Lifted by Late Shots of Cold: Storage Weighs on California Markets– May 3, 2019

Projected Triple-Digit Storage Builds send May NatGas Bidweek Prices Tumbling– May 1, 2019

With State Legislation Pending, Colorado County Temporarily Suspends New Drilling– March 22, 2019



ETP’s Rover pipeline flows reach new high as Phase 2 begins – May 24, 2018

LNG Delays Worsen Permian’s Infrastructure Outlook – May 21, 2018


Saudi Oil Attacks Could End Natural-Gas Rally – September 20, 2019

Fire Up the Grill: Propane Prices Have Tumbled – July 9, 2019

U.S. Shale Juggernaut Shows Signs of Fatigue October 5, 2017

Effort to Crush Shale Producers Only Made Them Stronger – June 9, 2017

Oil Prices Lower but Post Weekly Gain – May 20, 2016

Enbridge to Invest $5 Billion in Gulf Coast Oil TerminalsNovember 4, 2015

Energy Pipeline Boom Ends – September 9, 2015


Who’s Who in Energy  October 18, 2016

kallanish logoAppalachia vs. Permian for gas supremacy – September 25, 2018

More attention being paid to Utica play in Pa., West Virginia– May 29, 2018

‘Wall of Cuomo’ blocking major pipeline projects– February 26, 2018

Appalachia pipeline capacity could overwhelm supply – February 14, 2017

Permian asset values ‘distorted’: BTU Analytics’ Miller – February 13, 2017

Happy days in oil industry?  Not so fast   May 31, 2016

Midstream construction finally catches upstream activity –  February 15, 2016


 Despite price bounce, natural gas rebound remains far off–     May 28, 2016

 Drillers share keys to boosting efficiency at DUG East conference–     June 24, 2015


Why Fort Worth-based Range Resources’ $3.3 billion acquisition makes sense – May 16, 2016

pitt post gaz

Utica Shale:  the best and worst of shale plays? – November 9, 2015


Profits from Texas oil discovery could extend to Omaha pipeline company Northern Natural Gas – September 9, 2016


Global job-recruiter says buzz about oil, gas activity drew the company to Colorado  – October 8, 2019

No slumping in pumping despite strictures in Colorado’s new oil and gas law – August 19, 2019

Former Interior Secretary Ken Salazar argues against bigger drilling setbacks in Colorado – July 27, 2018

New $1.4 billion pipeline should help oil and gas producers in Denver-Julesburg Basin – January 5, 2018

houston chronicle logo

Natural gas drop is ‘double whammy’ with oil’s fall – December 26, 2014

Permian oil pipelines aggravate gas glut – April 03, 2019

Appalachian natgas output to flatten: BTU Analytics – March 07, 2019

Appalachian gas freeze-offs limited – November 27, 2018

Less natgas supply to New England adds to volatility – November 16, 2018

Delays hike cost of Mountain Valley pipeline: EQT – September 25, 2018

US Northeast natgas pipeline project costs rise – September 21, 2018

Gas producers ramping up for Atlantic Sunrise – August 10, 2018

Nat gas bottleneck threatens Permian growth – June 4, 2018

Rover flows reach new high as Phase 2 begins – May 23, 2018

US northeast to get 3 Bcf/d gas takeaway boost – January 11, 2018

Massachusetts reviews natgas manipulation claim – October 19, 2017

TransCanada mulls lowering Mainline tolls again – February 14, 2017

US northeast gas takeaway demand could slow – February 8, 2017

North Dakota gas output to hit record in NovemberDecember 21, 2016


Drillers: $60 oil needed – May 31, 2016


Russian Energy Ministry Expects Crude Oil at $40-$50 in 2016 – May 23, 2016


E&P Companies Target Potential STACK, SCOOP PlaysAugust 25, 2016

Technology Investment Remains Key for Industry Efficiency – May 4, 2016

Oil jumps on IMF growth outlook as Brent tops $70 again – January 23, 2018

Cold chills U.S. shale gas production as heating demand jumps – January 2, 2018

Oil slides again, set for biggest 3-day loss in a year – March 10, 2017

U.S. tight oil players emerge from downturn with daylight to grow – June 5, 2017


Natural Gas ETFs Brighten as U.S. Burns Through Record Stores – January 2, 2018


Worst Hurricane Season In A Decade Threatens Gulf Coast Production – June 5, 2017

Dakota Access boosts drillers, but won’t be a Bakken game-changer – October 12, 2017

Plenty of Natural Gas to go Around – It Just Needs a Market – April 1, 2019

Sempra, Saudi Aramco Have 20-Year Deal for LNG – May 23, 2019

Contact Us

BTU Analytics LLC
165 S. Union Blvd., #410
Lakewood, CO 80228