U.S. Waives Jones Act After Iran Gas Field Attack

Futures Slide After Google Earnings, Oil & Bond Yields Jump On Houthi Escalation US equity futures are lower as WTI breaches $90/bbl and Brent approaches $100/bbl (Houthi escalation in the Red Sea as two Saudi tankers were struck), pushing bond yields higher with longer-dated yields seen making new highs, globally. But, Alphabet's underwhelming results - while dragging down Mag7 names - are boosting Semis / AI (CapEx spend) which may mean the market is returning to its barbell of longs in AI / Semis plus Energy versus shorts in Rate-sensitives. * ...

Kuwait Pounded By Iranian Barrage As Oil And Desalination Plants Come Under Attack Kuwait was bombarded overnight in one of the fiercest Iranian retaliatory strikes since the US-Iran conflict erupted in late February, with missiles and one-way drones targeting power infrastructure and other critical energy assets. Local outlet Kuwait News Agency reports an unspecified site of the Kuwait Petroleum Corporation suffered "significant material losses" as the week-long flare-up in Gulf tensions has derailed any near-term normalization of tanker flows through the Strait of Hormuz. There was a report that the Al-Subiya power...

Visualizing Data Center Power Surge Before White House Meets With Big Tech Ahead of tomorrow's White House meeting, where representatives from Amazon, Google, Meta, Microsoft, xAI, Oracle, and OpenAI are expected to pledge that their data-center buildouts will not drive higher power bills for households near those facilities, UBS analyst Arend Kapteyn has published a new note featuring a chart of the day that visualizes the rapid growth in data center power demand on the grid. After staying mostly flat for years, data center electricity demand has been surging since 2017,...