It’s been roughly two weeks since the September 14 attacks on Saudi oilfields took about 5 percent of global oil production temporarily offline. And the North American benchmark price per barrel has already retreated to its long-held mid-50s trading range.

This is the clearest indication yet of how the rise of US shale production has dramatically shifted the global oil market. And it’s why, as we pointed out last issue, energy investors need to rise above the noise of geopolitics.

When it comes to energy prices that means focusing on supply and demand. And it’s why energy companies we own must be able to prosper in the same lower-for-longer price environment that’s existed since mid-decade.

The fear factor appears to have lessened a bit since our previous Energy and Income Advisor issue. But with all eyes still on the global economy, these still aren’t especially good times for energy stocks, many of which are pricing in a big future drop in oil.

The Alerian MLP Infrastructure Index, for example, is lower by more than 10 percent in barely a month. That’s despite the generally robust second quarter results of most index components, as well as multiple dividend increases.

For readers interested in betting on a rebound through mutual funds or ETFs, we suggest taking a look at closed-end funds like Kayne Anderson MLP Midstream (NYSE: KYN). Not only are its top holdings arguably over-discounted to otherwise solid prospects but it trades at a discount to net asset value of more than 10 percent. That’s double leverage to a recovery in MLPs, though there’s risk as well: The fund cut its monthly payout by 20 percent at the start of 2019.

The rapid growth in US shale fields like the Permian Basin has dramatically altered the outlook for global oil supply and demand.

It’s also forever changed the industry’s competitive landscape at all levels including upstream (producers), downstream (refiners) and midstream (pipelines and storage).

However, arguably the industry to see the largest impact is oilfield services – these companies are in the business of supplying mission-critical services and equipment to global oil producers related to the exploration and development of oilfields.

Some five years ago, we warned that these changes would not be kind to erstwhile high-flyers like deepwater driller Seadrill and sand miner Hi-Crush Partners.

However, the selling pressure has extended far beyond these shaky names to include some of the industry’s largest and most enduring franchises. In this issue we take a closer look at some of the trends and changes underway in the global oil industry and how to play it.