Memorial Day Gas Demand Surge Collides With Hormuz Shock As $5 Demand-Destruction Line Nears

The 'Blame Game' In Private Credit Begins Submitted by QTR's Fringe Finance This morning I warned (again) this wasn’t a normal market in private credit. It was a liquidity event. And today it’s becoming something else too. According to the Financial Times, the SEC is now questioning whether Egan-Jones, a small but deeply embedded credit rating agency in private credit, can “consistently produce credit ratings with integrity.” That’s not a routine inquiry. That’s the regulator openly wondering whether one of the key cogs in the machine was ever doing its job properly in the first place....

Iran Hormuz Attack Spree Starts Choking Oil Flows (Again), UBS Warns A surge in Iranian drone attacks on commercial ships appears to be weighing on Middle Eastern energy exports through the Strait of Hormuz, with 24 attacks reported so far this month. The latest reports indicate that two Emirati container ships were struck and sank in the narrow waterway within the past 24 hours. UBS energy expert Henri Patricot told clients on Wednseday morning that crude and petroleum-product flows exiting the Gulf of Oman dropped to 9.1 million barrels a day over the...