Futures, Bonds Tumble, Oil Soars After Trump Dashes Hopes For Early End To Iran War

Chaos, Black Rain, Evacuations: Tuapse Oil Facility Struck For Third Time This Month Rosneft's sprawling oil refinery in southern port town of Tuapse has been struck by Ukrainian drones once again, unleashing a huge fire and significant destruction, in what marks the third such attack just this month. "Another serious incident has occurred in Tuapse. A large-scale fire broke out at an oil refinery due to an enemy drone attack," Krasnodar region Governor Veniamin Kondratyev wrote on Telegram, amid large-scale evacuations of the civilian population from the area. Tuapse disaster in wake of Ukrainian...

Them's Fightin' Words By Benjamin Picton, Rabobank Senior Market Strategist Resigned Brent crude front-month futures are inching higher this morning after ending May down almost 20%. The May selloff has been courtesy of Mr Market’s Pavlovian response to fresh peace rumours, though it still remains the case that a deal has not been done and the Strait of Hormuz remains closed. US equity indices closed higher across the board on Friday, but Asian stocks are mixed in early trade today. The S&P500 has now had nine-consecutive positive weekly closes and is sitting at...

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,...