It’s unclear what exactly is driving but the markets are reverting back to old habits this morning with oil spiking…

…dragging Treasury yields higher…

Stocks are tanking…

And so is gold…

There were no obvious geopolitical headline catalysts for the move – though uncertainty remains high about the next 24-48 hours in the Middle East.

Some have suggested the following comment from Fed Chair nominee Kevin Warsh may have helped (or hindered): “There’s probably no more pressing question than the cost of living.”

Though that does seem like fitting a narrative after the move, the odds of a rate-cut have deteriorated rapidly…

Developing…

Hard red winter wheat (HRW) futures widened to their largest premium over soft red wheat (SRW) in more than two years as severe drought intensified across key breadbasket regions in the Great Plains and Midwest. This means traders are pricing in weather impacts and tightening expectations for higher-protein wheat supplies.

It is important to note that HRW is a more valuable protein and is primarily used in bread, rolls, and all-purpose flour. It is grown in the U.S. Plains (Kansas, Oklahoma, Texas), while SRW is used in cakes, cookies, crackers, and pastries, and is grown in the Eastern U.S. (Ohio Valley, Midwest, Southeast).

The blowout in the HRW-SRW spread, the biggest premium in two years, is mainly due to weather stress as drought grips the central U.S. The market is currently pricing in possible supply imbalances and quality concerns for HRW.

As of mid-April, 61% of the Lower 48 is in drought as the Northern Hemisphere growing season begins and farmers start plantings, according to NOAA. This equates to nearly 149 million people across the Lower 48 affected by drought. About 45 states were experiencing moderate drought conditions as of last week.

US Drought Map:

The drought also complicates matters for ranchers, as the nation’s cattle herd is already at its lowest level since the 1950s. As a result, some ranchers may further reduce their herds, which would only push USDA ground beef prices to new record highs.

Related:

Meteorologists Warn About Super El Nino Event

Washington, D.C. Will Feel Like June. Cue MSM Climate Doom Propaganda

Drought Engulfs 60% Of U.S. As Farmers Begin Spring Planting

The drought spreading across America’s breadbasket is colliding with a secondary effect sparked by the disruption of energy flows through the Strait of Hormuz, raising the risk of fertilizer shortages that could translate into lower crop yields later this year. Reuters has reported that the UN’s food agency warned a prolonged Hormuz crisis could destabilize fertilizer shipments and drive food inflation higher. Time to hedge with a backyard garden.

By Michael Every of Rabobank

The world is again waiting to see what comes out of US-Iran peace talks in Pakistan as the two-week ceasefire deadline looms. Again, it’s a binary outcome: war, with threatened strikes on bridges and power plants in Iran, then perhaps regionally, and an extended closure of Hormuz; or peace, and energy and key goods flowing again.

The markets have decided peace will be the outcome. Because markets. Yes, there are times when bad news logically justifies a rally, e.g., in a real threat of nuclear war, go long: it may not happen, and it can’t hurt if it did. However, when the threat is painful and potentially long-lasting, but not existential, does that logic hold? If so, why bother with geopolitical analysis (and many market participants don’t)? Everything works out in the end, you can’t afford to be the only fund manager who misses the inevitable rally, so just ‘buy all the things.’

Philip K. Dick’s ‘The Man in the High Castle’ is set in a 1962 where the Axis won WW2 and an occupied-US underground shares that on another plane of existence, things worked out differently. They are led by the ancient Chinese Book of Changes, the ‘I Ching’; today, markets view all existence as led by ‘I kerching!’ Yet both views can be flawed. The ‘reality’ where the Axis lost WW2 is also not our world – rather, the British Empire under Churchill is gaining the upper hand in a global struggle with the US. Nobody knows what happens next with Iran.

Is Mr Market ‘The High Man in the Castle’ in thinking everything always works out for him? Is whomever the actual Iranian decision maker the same if thinking the US won’t pull the trigger again if there is no deal, and that Iran wins from that pummeling? Is President Trump if supposing the Iranians are rational rather than theological? We may not have long to find out.

For those who pay attention to geopolitics, there are some potentially optimistic signs. In the Middle East, China’s Xi held talks with Saudi’s MBS and made clear Hormuz needs to reopen. At the same time, Pakistan was told not to send a $1.5bn order of weapons to Sudan, which the Saudis were paying for, and a $4bn deal for the Libyan National Army is also on hold. Likewise, another round of Israel-Lebanon talks are set for Thursday to try to extend their ceasefire, which Iran links to its own, as Syria is cracking down on Hezbollah. Even the European envoy to the Gaza Board of Peace is publicly optimistic about Hamas disarmament talks.

In Europe, Ukraine may be seeing a ‘Second Miracle Year’ and “For the first time in years, outright victory seems possible” via its drone strikes. That’s as the EU hopes to realise its €90bn Ukraine loan within 48 hours following the new government in Budapest. However, the new pro-Russian Bulgarian PM may see things differently alongside the Czech and Slovak leaders, while Romania’s government looks about to fall.

Moreover, the EU is bracing for delays to promised US weapons shipments due to the Iran war, as The Times says the UK isn’t seizing Russian shadow fleet tankers in its waters because berthing and maintaining them could cost too much(!) Meanwhile, France and Germany are said to be considering proposals to give Ukraine only “symbolic” benefits during a normal EU accession process, without granting Kyiv access to the EU’s common budget or voting rights. In the same way there may be only symbolic weaponry if the US isn’t able to step up? That’s as the Wall Street Journal notes, ‘In Germany, Everyone Is a Defence Manufacturer Now’ as firms “scramble to reinvent themselves as military vendors to tap into the country’s accelerated rearmament.”

There are also further US-Europe tensions. The US just signed a military defense agreement with Morocco, which some suspect may soon host US military bases now located in Spain, which has been a loud anti-US voice under its current PM; that might suggest the US ability to threaten the Strait of Gibraltar in line with its other recent agreement with Indonesia vis-à-vis the Strait of Malacca. The White House is reportedly also looking at a report that backs Spain having to hand back Ceuta and Melilla, territories it holds in Morocco. German Chancellor Merz has also stated that Cuba poses no risk to third countries, and he does not see on what basis an intervention should take place – which will infuriate the Americans and do nothing to stop them if they intend to act on that front. (Which seems likely.)

There are tensions in the Americas with Canada too, whose PM just stated that close economic ties with US are “a weakness that must be corrected.” He is also talking about boosting his armed forces – though the scale of the imbalance there should be clear when a headline today boasts, “Canadian military beats recruitment target after 1,400 permanent residents sign up.”

By contrast, as Trump pushes a $1.5trn Pentagon budget, he just invoked the Cold War Defence Production Act to force the private sector to move on coal supply chains, domestic petroleum production, natural gas transmission and LNG capacity, and power grid infrastructure. None of that is a quick fix in this crisis, but it is a fix the market won’t provide by itself.

There are additional tensions in Asia as China sends warships to the Pacific while Japanese forces take part in exercises with the US and Philippines. Meanwhile, the crisis in Hormuz has seen Thailand’s government to push ahead with its Landbridge project to connect the Andaman Sea to the Gulf of Thailand via new ports on each side connected by a railway and highway, in order to circumvent the Strait of Malacca. The project is seen as making little economic sense by the logistics industry, but that doesn’t mean it might not make geopolitical sense to some players – and then draw the attention of others.

On the trade front, China has released new regulations to counter the “unjustified” extraterritorial use of foreign laws, aimed at protecting its interests. This is seen as clashing with the EU’s proposed regulations in this area, placing European firms in China in potential conflict with either one or the other. The European Chamber of Commerce in China has raised concern that the “broad scope, vague language and wide discretion” of the new Chinese rules goes far beyond similar statutes in the West.

Yet if you are all about Mr Market then none of the above matters; all that does is today’s Senate confirmation hearing for FOMC Chair nominee Kevin Warsh. Then again, once upon a time, these were dry affairs for dry men and women, but not in our present reality. Even the Financial Times is carrying an op-ed arguing that the Fed needs to reinvent itself and its mission; but they are thinking more along the lines of ‘how much dot plot’ rather than ‘how do you finance a $1.5 trillion Pentagon budget?’, ‘How do you force dollar stablecoins on the world to boost fiscal space?’, and ‘What are central banks *for*?’

More narrowly, Warsh’s finances, which he has lots of, are seen as a potential line of attack for those opposed to his appointment: it’s not so much that he’s very rich, which is the assumed norm for Fed Chairs, but that some of those holdings might be opaque. Because we couldn’t have any vested interests represented in Washington D.C., obviously. That would be unthinkable.

Ask yourself what the version of you would have thought of these headlines in April 2016. Then ask yourself what you think they will read like in April 2036. Only then decide what to do.

“Can anyone alter fate? All of us combined… or one great figure… or someone strategically placed, who happens to be in the right spot. Chance. Accident. And our lives, our world, hanging on it.” – The Man in the High Castle.

After rising in February, US Pending Home Sales were expected to continue to improve in March (+0.5% MoM) but – despite apparently rising mortgage rates – sales rose 1.5% MoM (even with February revised up to +2.5% MoM). This dragged pending home sales up to +1.8% YoY (to the highest level since Nov 2024)…

Source: Bloomberg

…extending its bounce off record lows…

Source: Bloomberg

“Contract signings rose in March despite higher mortgage rates, pointing to pent-up housing demand,” NAR Chief Economist Lawrence Yun said in a statement.

“A greater supply of inventory will help translate that demand into more home sales.”

Pending home sales in the South, the biggest home-selling region in the country, increased 3.9% in March.

They rose 4.4% in the Northeast but decreased in the Midwest and West.

While mortgage rates did pick up at the start of March (Iran War), pending home sales have been disconnected from improving ‘affordability’ in recent months…

Source: Bloomberg

As a reminder, because houses typically go under contract a month or two before they’re sold, the pending home sales data tend to be a leading indicator of closings that are captured in the monthly previously owned home sales reports.

President Donald Trump’s nominee to lead the Federal Reserve, Kevin Warsh, is scheduled to appear before the Senate Banking Committee today at 10:00 a.m. ET for his confirmation hearing – his first public test in the high-stakes process to become the next chair of the central bank.

The hearing, set to take place in the Dirksen Senate Office Building Room 538 in a hybrid open session, comes less than a month before current Chair Jerome Powell’s term expires on May 15. Warsh, a former Fed governor who served from 2006 to 2011, was nominated by Trump on March 4 to serve as both a Board member and chairman.

Watch Live:

Warsh, a former Fed governor who has spent years criticizing the institution as directionless and in need of “regime change,” now has the chance to outline his vision for remaking the world’s most powerful central bank. But he faces a delicate balancing act: signaling loyalty to Trump’s push for lower interest rates while reassuring markets, lawmakers, and global observers that he will safeguard the Fed’s independence and keep inflation in check.

As of this writing, Polymarket currently assigns roughly 33% odds that Warsh will be confirmed in time to replace Powell when his term expires on May 15.

Kevin Warsh confirmed as Fed Chair by May 15?
Yes 39% · No 61%
View full market & trade on Polymarket

In prepared opening remarks released yesterday, Warsh strikes a deliberate tone on the politically sensitive issue of central bank independence. He plans to state that “monetary policy independence is essential” and that decisions must rest on “analytic rigor, meaningful deliberation and unclouded decision-making.” At the same time, he will argue that the Fed has sometimes “extended its reach” beyond its core mandate, eroding its credibility, and that presidents or lawmakers expressing views on interest rates does not inherently undermine operational independence.

He also declares that “inflation is a choice” and that the Fed must take responsibility for price stability while staying firmly “in its lane” – avoiding fiscal, regulatory, or social policy areas where it lacks authority or expertise.

As anticipated, Senate Democrats are preparing to aggressively question Warsh, focusing on whether he can truly insulate the Fed from political pressure – especially given Trump’s repeated calls for sharply lower interest rates. Ranking Member Sen. Elizabeth Warren (D-MA) and other Democrats have signaled they will press him on potential conflicts of interest, the adequacy of his financial disclosures (which revealed more than $100 million in assets but left some holdings opaque), plans to divest certain investments, and any private communications with the Trump administration.

All 11 Democrats on the committee are widely expected to oppose the nomination. Some had pushed to delay the hearing pending the outcome of Justice Department investigations involving Powell and Governor Lisa Cook, but those efforts did not succeed.

On the Republican side, support for Warsh appears solid, though not unanimous. A handful of GOP senators have voiced reservations linked to the ongoing probes, but the party holds the majority and is positioned to advance the nomination out of committee.

Markets and policymakers will be watching closely for any signals on Warsh’s views regarding the Fed’s balance sheet, the pace of potential rate cuts, and his overall approach to the dual mandate. Analysts describe him as pragmatic rather than a radical departure from current policy, but today’s testimony could shift expectations ahead of the next FOMC meeting.

According to Goldman, here’s what to watch for:

On Econ (Mericle): i) How has the war affected his views – Has he shifted toward the FOMC’s wait-and-see approach, which might signal an intention to work toward building consensus? Ii) Does he talk about looking through tariff + energy passthrough? How will Warsh characterize where inflation stands + how the FOMC should treat tariff and oil effects? Iii) What does he say about shrinking the Fed’s balance sheet? Are incremental reductions related to regulatory + supervisory changes enough or is he still pushing for a more substantial reduction?
 
Tillis block (Pastrick): Senator Tillis key to watch: No expectation that he will oppose Warsh as a candidate but we do NOT expect to see any openings from Tillis that outline a new position on not supporting the nomination while Fed Chair Powell is under legal scrutiny.
 
On Rates markets (Marshall): i) Insight into where Warsh anchors his longer-run views could impact the distribution of risks around terminal rate pricing; ii) That Warsh supports a smaller balance sheet would come as no surprise, but details around how he might seek to achieve it, and what potential Fed/Treasury interaction might look like, would shape market perceptions on balance sheet trajectory; iii) Bank regulation: Emphasis on things like adjustments to the liquidity rules + internal liquidity stress testing could reinforce the case that meaningful shifts in policy follow a shift in reserve demand (rather than result from efforts to shift the reserve framework)

The confirmation process remains fluid. A committee vote would follow today’s hearing, with the full Senate expected to take up the nomination soon after. Warsh’s performance – particularly how he navigates questions on Fed independence amid White House expectations – will be pivotal in determining whether he assumes the role by mid-May.

Peak demand in the Electric Reliability Council of Texas (ERCOT) territory could more than quadruple to 367,790 MW by 2032, driven primarily by data centers as well as other large load customers, the grid operator said in a preliminary forecast published Wednesday and noted by Utility Dive.

Source: ERCOT

ERCOT, which serves most of Texas, set its current peak demand record of 85,508 MW in August 2023. 

The forecast is based on ERCOT’s economic forecasts as well as information provided by utilities working with medium and large load customers, including data centers, cryptocurrency mining, industrial and oil and gas processes.

Large-load demand data from utilities was included at the direction of state lawmakers as part of SB 6, which was passed last year, but ERCOT officials told the Public Utility Commission of Texas that it may seek revisions to the forecast.

Source: ERCOT

The grid operator “has concerns with using the preliminary load forecast values for the Reliability Assessment and any other transmission and resource adequacy analysis,” Chad Seely, ERCOT senior vice president of regulatory policy, general counsel and chief compliance officer, told the PUCT in comments on the forecast filed Wednesday.

“ERCOT would prefer to consult with Commission Staff to evaluate whether it is appropriate to seek adjustment of the forecast.”

“Texas is experiencing exceptional growth and development, which is reshaping how large load demand is identified, verified, and incorporated into long-term planning,” ERCOT President and CEO Pablo Vegas said in a statement. “As a result of a changing landscape, we believe this forecast to be higher than expected future load growth.” 

Source: ERCOT

ERCOT’s comments on the forecast noted that the grid operator is currently projecting summer 2026 peak load to range between 90,500 MW and 98,000 MW — significantly more modest than the 112,000 MW forecasted peak demand in the preliminary long-term load forecast.

“We look forward to working with the PUCT on potential adjustments to refine how ERCOT ascertains the most accurate information for load forecasting and ensuring the system reliably and efficiently serves Texans,” Vegas said.

ERCOT staff will discuss the forecast at tomorrow’s PUCT open meeting and at the ERCOT board of directors meeting on April 21.

Authored by Amin Haqshanas via CoinTelegraph.com,

Fraudulent actors posing as Iranian authorities have reportedly sent messages to shipping companies whose vessels remain stranded west of the Strait of Hormuz, demanding payment in cryptocurrency for safe passage.

On Monday, maritime risk company Marisks issued a warning saying unknown groups had contacted shipowners claiming to represent Iranian security services and requesting transit “fees” in Bitcoin or USDt in exchange for clearance through the strait, according to Reuters.

“These specific messages are a scam,” Marisks reportedly said, adding that they do not originate from Iranian authorities. Tehran has not publicly commented on the claims.

The alerts come as the strategic waterway remains largely closed following the outbreak of conflict in the Middle East. The Strait of Hormuz, a critical chokepoint for global energy flows, previously handled around one-fifth of the world’s oil and liquefied natural gas exports before hostilities escalated in the region.

Earlier this month, reports said Iran was considering charging ships passing through the Strait of Hormuz a tariff payable in Bitcoin, with empty tankers allowed free passage while others could be charged around $1 per barrel of oil.

Crypto “transit fee” scam demands verification docs

The reported scam messages instruct recipients to submit documentation for verification before being assigned a “fee” payable in cryptocurrency, after which safe transit would allegedly be granted at a pre-agreed time.

In one example cited by Marisks, the message stated that Iranian security services would assess eligibility before determining payment in BTC or USDt, framing crypto transfers as a condition for unimpeded passage.

Trump says he won’t allow Iran to impose tolls on ships. Source: The Middle East

The company also suggested that at least one vessel recently targeted by gunfire while attempting to exit the strait may have received such fraudulent instructions, though the information has not been independently verified.

Cointelegraph reached out to Marisks for comment but did not receive an immediate response.

Crypto payments to Iran could trigger sanctions risks: Chainalysis

Shipping companies considering paying transit fees in cryptocurrency to Iran could face serious sanctions exposure, according to Chainalysis senior intelligence analyst Kaitlin Martin.

She told Cointelegraph that any payments linked to Iranian-controlled waterways could be treated as “material support,” potentially violating US and international sanctions targeting entities such as the Islamic Revolutionary Guard Corps.

DHL Group CEO Tobias Meyer warned Bloomberg TV earlier this morning that a persistent Gulf energy shock could morph into broader trouble for the global economy.

“Well we have seen this before, that you have recognized by consumers as having an impact that sparks broader discussion, the real economic implications for people. Now, this hasn’t happened yet. We’re trying to prevent that from happening. The 10, 12 million barrels of crude oil per day, it will come to that tipping point. Solutions are needed and political momentum is building up to resolve the situation in the Strait of Hormuz,” Meyer said.

Meyer’s reference to the “tipping point” is clear: if Gulf oil losses of 10 to 12 million barrels per day are not offset soon, global energy and product prices will stay elevated, causing significant knock-on effects throughout the world economy.

DHL CEO Tobias Meyer says we are in danger of reaching a “tipping point” if energy supply issues aren’t resolved in the Middle East https://t.co/zTL9UKeCD7 pic.twitter.com/Rg9gj1QuyY

— Bloomberg (@business) April 21, 2026

DHL Group sits at the center of global trade. It operates parcel, express, air freight, ocean freight, and road freight, as well as supply chain services, across more than 220 countries and territories, suggesting that Meyer is a seasoned observer of what to look for ahead of inflection points in the global economy.

Meyer pointed out that the US-Iran conflict and the disruption of the Hormuz chokepoint are already affecting DHL operations, constraining transport routes, tightening freight markets, and pushing shipping rates higher, especially on Asia-Europe lanes.

He added that, with Western airlines avoiding Russian airspace and Gulf carriers operating below pre-war capacity, trade flows from India and Southeast Asia to Europe are becoming more strained.

Meyer is clear that failing to replace the loss of 10 million to 12 million barrels of crude oil per day in the Gulf would almost certainly push the global economy to a “tipping point” from which there is no return.

Separately, the International Energy Agency released a report early last week that stated, “The Iran war has thoroughly upended the global outlook for oil consumption. Demand destruction will spread as scarcity and higher prices persist.”

JPMorgan’s top commodity expert recently described how the demand destruction crisis would spread from the Gulf area, hitting Asia first, then Africa and Europe, before ultimately affecting the US, especially California.

Source

With the Strait of Hormuz still effectively shut by Iran, a U.S. naval blockade in place, and U.S.-Iran talks potentially set for later today ahead of Wednesday’s ceasefire deadline, even an immediate diplomatic breakthrough would not restore energy flows overnight. Gulf-area export hubs would still take months to return to normal.

This shows that the Gulf energy shock threatens to push the global economy dangerously close to the tipping point Meyer describes.

Authored by Aldgra Fredly via The Epoch Times,

President Donald Trump on April 20 invoked the Defense Production Act to issue a series of memorandums focused on strengthening coal supply chains, ​natural gas transmission, and ​liquefied natural gas capacity.

Trump also signed memos aimed at boosting domestic petroleum production, enhancing grid infrastructure, and expanding the deployment of “large-scale energy” and related infrastructure.

In a post on X, White House spokeswoman Taylor Rogers said the memos would allow the Energy Department to use funding from the One Big Beautiful Bill Act to strengthen the country’s “grid infrastructure and unleash reliable, affordable, secure energy.”

The Defense Production ​Act is ​a ⁠cold war-era legislation that grants the president authority to expand and expedite the supply of materials from the domestic industrial base for national security purposes.

In the memos, Trump cited his Jan. 20, 2025, executive order declaring a national energy emergency, noting that insufficient energy supply could expose the country to “hostile foreign actors” and risk national security.

“Consistent with that declaration, I find that ensuring the domestic capability for development, manufacturing, and deployment of large-scale energy and energy-related infrastructure is essential to United States national defense, yet due to financing risks, regulatory delays, and market barriers, these cannot be met in full under existing market conditions,” the president stated in one of his memos.

The memos direct the Energy Department to make “necessary purchases, commitments, and financial instruments” to support projects expanding oil production, coal supply chains, natural gas transmission, liquefied natural gas capacity, grid infrastructure, and other energy-related infrastructure.

The move came as the Trump administration worked to curb surging commodity prices fueled by the conflict with Iran, which has driven up oil ​and fertilizer costs.

Iran last week said it would open the Strait of Hormuz to all commercial vessels during a 10-day ceasefire between Israel and Lebanon, but started charging tolls and later reinstated “strict military oversight” over the strait due to the resulting U.S. naval blockade of Iranian ports. The United States then imposed a blockade against vessels visiting Iranian ports on April 13 after the United States said that Iran was not allowing free passage through the strait, which was a condition for the ceasefire.

The situation heightened market uncertainty and pushed oil prices higher on April 20, with crude trading at about $94.75 on April 20.

To ease pressure on oil markets and ensure adequate supply, the Trump administration on April 17 renewed a sanctions waiver that allows nations to buy Russian oil stranded at sea, extending it through May 16 after the previous license expired on April 11.

In February, the Treasury Department issued a general license authorizing the exploration, development, and production of oil and gas in Venezuela as part of an effort to boost oil supply chains.

Pablo Galante Escobar, the head of liquefied natural gas (LNG) at Vitol, warned the audience at the FT Commodities Summit earlier today that the “world is on borrowed time” and that the Gulf energy shock will develop into a food crisis unless LNG flows resume through the Hormuz chokepoint.

“We are on borrowed time. Every day this trade remains closed and every day production does not come back, we are building a problem for the future, and we are building a problem that, as I said, will be transferred from the energy side into many different sectors, with the food sector being a very important one,” Escobar said, who works world’s biggest independent energy trader.

Escobar continued, “This is not sustainable, or the energy crisis will become a food crisis. Only gas can supply the feed for fertilizers. We are building a problem for the future.”

He added that even if the Hormuz chokepoint reopened today, it could still take three to five months for undamaged LNG production to fully recover.

Longer term, the Gulf market could lose about 20 million tons per year of global LNG supply growth in 2027 and 2028 because of damage to Qatari capacity and delays to new regional projects. 

Escobar is correct that the second- and third-order effects of Gulf-related LNG supply disruptions are already rippling through the global fertilizer chain, sending prices sharply higher and triggering shortages across critical agricultural belts.

The downstream risk has been very clear: reduced fertilizer availability and higher input costs threaten to dent crop harvest yields later this year. In other words, this potentially sets the stage for a food price inflation spike: 

Fertilizer Crisis Worse Than Goldman Forecasted, Sees Two Clear Winners

Why The Fertilizer Crisis May Spark Record Inflows Into Agri ETFs

70% Of US Farmers Say That They Won’t Be Able To Buy All The Fertilizer They Need In 2026

Countdown Begins: Former Central Bank Advisor Warns Food-Price Shock Could Hit “Within 6 To 9 Months”

Global food prices vs. US diesel prices at pump vs. US urea spot prices  

Also at the FT Commodities Summit, Julien Bourdeau, global head of LNG at Mercuria, said the previously expected global LNG glut that was expected to swamp the world has been postponed, with the 2026 market getting shorter. 

One month ago, we asked a very simple question: “Will QatarEnergy’s LNG Fiasco Derail Goldman’s Prewar View Of A Mega LNG Wave.”

Facing a possible food inflation spike later this year suggests one thing: hedge now. Plant a backyard garden, buy a chicken coop, and become more self-sufficient on your own land.