The Big Story
briefing
5 min read
The Fed Stops Looking Through Energy Shocks
The Fed Stops Looking Through Energy Shocks On June 17 the Federal Open Market Committee held the federal funds rate at 3.5 to 3.75 percent, where it has sat since a cut late last year, and did something more consequential than the hold itself. It stripped the easing bias out of the statement, wrot...
Opinion
Opinion
4 min read
Opinion — Urals fell twice as hard as Brent, and the second blow came from Kyiv
Urals fell twice as hard as Brent, and the second blow came from Kyiv Russian seaborne crude exports averaged 3.83 million barrels a day in the four weeks to June 14, the fastest pace of 2026. That n...
Opinion
4 min read
Opinion — California's gas burn fell 18% in five years — and LNG's financing model can't survive a thin weathe
California's gas burn fell 18% in five years — and LNG's financing model can't survive a thin weather band Between January and August 2025, California's gas-fired power plants produced 45.5 billion k...