This week's edition examines the structural shift from software-driven scaling to a battle for physical capacity, focusing on the energy and hardware bottlenecks defining the AI era. We analyze the growing tension between global computational demand and grid stability, alongside the systemic risks embedded in rising credit markets and volatile maritime chokepoints.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:34 - The Power Bottleneck: Can the Grid Handle the AI Boom?
7:09 - Monetary Policy and the Global Credit Crunch
12:28 - Crude Volatility and the Geopolitics of Chokepoints
16:32 - The AI Arms Race: Silicon, Software, and Sovereignty
19:38 - The New Energy Frontier: From NGLs to Nuclear
21:43 - Conclusion

Referenced sources:
Falando de Mercado gasolina importada no SulSudeste (Argus Media)
From the Economist's Chair - Oil in Focus podcast series Episode 2 (Argus Media)
Power Dispatch Bottlenecked - Pushing Grids to the Limit (Argus Media)
Bloomberg Surveillance TV June 29th, 2026 (Bloomberg Surveillance)
Markets and Fed Uncertainty (Bloomberg Surveillance)
Bloomberg Surveillance TV June 26th, 2026 (Bloomberg Surveillance)
Bloomberg Surveillance TV June 25th, 2026 (Bloomberg Surveillance)
PCE Reaction and US Eco Outlook (Bloomberg Surveillance)
Bloomberg Surveillance TV June 24th, 2026 (Bloomberg Surveillance)
Making Sense of the Tech Selloff (Bloomberg Surveillance)
Bloomberg Surveillance TV June 23rd, 2026 (Bloomberg Surveillance)
Michael Cembalest Does the Math on the Energy Transition (Columbia Energy Exchange)
Peak Not Oil (Doomberg)
Credit Crunch Around the World of Global Credit in 60 Minutes (FICC Focus)
Macro Matters Huw Worthington on ECB, Gilts and Rate Outlook (FICC Focus)
MacroVoices #538 Lyn Alden Is The War Really Over and What's Next For Markets (Macro Voices)
Baidu's CFO on How It Became a Full-Stack AI Player (Odd Lots)
How Lenovo's CFO Is Allocating Capital During One of History's Biggest Booms (Odd Lots)
Rory Johnston on Why His $200 Oil Prediction Didn't Turn Out Right (Odd Lots)
Chokepoint geopolitics Implications for Asia's downstream and upstream sectors (Oil Markets)
235. European Sovereign Neocloud - Jun26 (Redefining Energy)
EP219 Sentiment Check AI, Crude Oil, Price Gouging (Super-Spiked)
Data Centers aren't the bubble with Eugene McGrane (The HC Commodities Podcast)
The Rebasement Trade (The Macro Trading Floor)
How to surf turbulent markets (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the fundamental collision between the rapid scaling of artificial intelligence and the structural limitations of the global energy and mineral supply chains. We analyze how supply-side inflation, volatile maritime chokepoints, and the intensifying race for critical minerals are rewriting the playbook for global commodities and infrastructure investment.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:35 - Macro Shifts: Interest Rates, Inflation, and the Fed
8:02 - Chokepoints and Crude: Navigating Middle East Volatility
13:29 - The Power Bottleneck: Can the Grid Keep Up with AI?
16:33 - The New Energy Frontier: Nuclear, Renewables, and Carbon Removal
19:44 - Metals in the Machine: The Race for Critical Minerals
21:42 - Conclusion

Referenced sources:
From the Economist's Chair - Oil in Focus podcast series Episode 2 (Argus Media)
Power Dispatch Bottlenecked - Pushing Grids to the Limit (Argus Media)
Strait Talk Hormuz Movie (Argus Media)
Metal Movers Minor metals in the age of Artificial Intelligence (Argus Media)
Bloomberg Surveillance TV June 25th, 2026 (Bloomberg Surveillance)
PCE Reaction and US Eco Outlook (Bloomberg Surveillance)
Bloomberg Surveillance TV June 24th, 2026 (Bloomberg Surveillance)
Bloomberg Surveillance TV June 23rd, 2026 (Bloomberg Surveillance)
Market Pullback and Alan Greenspan's Legacy (Bloomberg Surveillance)
Bloomberg Surveillance TV June 22nd, 2026 (Bloomberg Surveillance)
Equity Rally Post-FOMC (Bloomberg Surveillance)
Special Report Alan Greenspan Dies at 100 (Bloomberg Surveillance)
The Global Economic Outlook (Bloomberg Surveillance)
🌎 Pushing the Frontier for carbon removal #301 (CTVC by Sightline Climate)
Michael Cembalest Does the Math on the Energy Transition (Columbia Energy Exchange)
Cameco makes the case for large nuclear reactors (Energy Evolution)
Macro Matters Huw Worthington on ECB, Gilts and Rate Outlook (FICC Focus)
Credit Crunch BlackRock's Rosenberg on Systematic, AI Impacts (FICC Focus)
Jeffrey Lacker on What a New Fed Treasury Accord Might Look Like (Macro Musings with David Beckworth)
Jeffery Lacker on What a New Fed Treasury Accord Might Look Like (Macro Musings with David Beckworth)
MacroVoices #538 Lyn Alden Is The War Really Over and What's Next For Markets (Macro Voices)
Rory Johnston on Why His $200 Oil Prediction Didn't Turn Out Right (Odd Lots)
Chokepoint geopolitics Implications for Asia's downstream and upstream sectors (Oil Markets)
234. Engie, the remarkable turn around (live from Eurelectric Power Summit) - Jun26 (Redefining Energy)
EP218 WWLRD and the Strait of Hormuz Crisis (Super-Spiked)
Data Centers aren't the bubble with Eugene McGrane (The HC Commodities Podcast)
Tech shares zigzag (Unhedged)
How to surf turbulent markets (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the shift from frictionless global trade toward a landscape of localized bottlenecks, from the 'pay-for-performance' diplomacy in the Strait of Hormuz to the power constraints stalling the AI revolution. We analyze how institutional opacity at the Federal Reserve and structural supply deficits in nickel and diesel are forcing a fundamental reconfiguration of global commodity hedging.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:34 - Energy Chokepoints: The Strait of Hormuz and Global Supply Risks
6:25 - The New Fed Regime: Warsh, Volatility, and the End of Transparency
12:18 - The AI Power Crunch: Data Centers and the Metals Race
17:54 - Fuel Market Friction: European Diesel and Global Arbitrage
19:55 - Commodity Shifts: From Indonesian Nickel to Brazilian Agriculture
21:52 - Conclusion

Referenced sources:
Strait Talk Hormuz Movie (Argus Media)
Metal Movers Minor metals in the age of Artificial Intelligence (Argus Media)
Metal Movers Nickel and aluminium markets shaped by Indonesia policies and global disruptions (Argus Media)
Market Talks Brazilian farmers and El Niño (Argus Media)
Falando de Mercado Agro brasileiro e El Ninõ (Argus Media)
Virginia is for RGGI Lovers Argus Media (Argus Media)
Bloomberg Surveillance TV June 22nd, 2026 (Bloomberg Surveillance)
The Global Economic Outlook (Bloomberg Surveillance)
Bloomberg Surveillance TV June 18th, 2026 (Bloomberg Surveillance)
Equities and the Fed (Bloomberg Surveillance)
Instant Reaction Kevin Warsh's First News Conference as Fed Chair (Bloomberg Surveillance)
Instant Reaction The Fed Decides (Bloomberg Surveillance)
Bloomberg Surveillance TV June 17th, 2026 (Bloomberg Surveillance)
Kevin Warsh's First FOMC Meeting as Fed Chair (Bloomberg Surveillance)
Bloomberg Surveillance TV June 16th, 2026 (Bloomberg Surveillance)
US and Iran Prepare for Deal Signing, SpaceX Soars (Bloomberg Surveillance)
🌎 From Sightline Climate to Currence (CTVC by Sightline Climate)
WTT AI Fundamentals, Valuation, and the Next Allocator Dilemma (Capital Allocators – Inside the Institutional Investment Industry)
Jake Sullivan and Jon Finer on the US-Iran Deal, Hormuz Realities, and Iran's Nuclear Future (Columbia Energy Exchange)
Iran Conflict Brief The US-Iran Deal and a New Phase of Accommodation (Columbia Energy Exchange)
Flex Capacitor (Doomberg)
How the Iran war is challenging and changing Europe's gas market (Energy Evolution)
Macro Matters BE's Anna Wong on Warsh, Fed & Inflation Outlook (FICC Focus)
All Options Considered Volatility Forum Singapore 2026 (FICC Focus)
MacroVoices #537 Brent Johnson There's No Turning Back (Macro Voices)
Jeremy Grantham on How to Tell If a Bubble Is About to Burst (Odd Lots)
The Iran War's Lasting Scars Across Asia (Odd Lots)
How is Europe dealing with its seasonal uptick in road fuel appetite (Oil Markets)
234. Engie, the remarkable turn around (live from Eurelectric Power Summit) - Jun26 (Redefining Energy)
EP218 WWLRD and the Strait of Hormuz Crisis (Super-Spiked)
Why is oil so cheap With David Wech (The HC Commodities Podcast)
Kevin Warsh's first remarks (Unhedged)
Notes from the FT Global Bond Summit (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the fundamental shift from a software-driven economy to one constrained by the hard realities of resource availability. We analyze how the massive capital influx into AI and space exploration is creating unprecedented pressure on global credit markets, energy grids, and critical maritime choke points.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:43 - The New Era of Capital and Credit Risk
7:16 - Geopolitical Volatility and the Strait of Hormuz
13:27 - The Great Energy Reorientation
16:58 - The AI Boom and the New Compute Economy
19:32 - Commodity Volatility and Agricultural Headwinds
21:40 - Conclusion

Referenced sources:
Hablando de Mercado gasolina global fragmentada (Argus Media)
Market Talks fragmented gasoline market (Argus Media)
Falando de Mercado gasolina global fragmentada (Argus Media)
Weight of Freight US-Iran conflict reshapes tanker markets (Argus Media)
Straits Talk I toll you this would happen (Argus Media)
Fertilizer Matters EP54 Middle East Conflict - Fertilizer Demand Destruction (Argus Media)
Oil in Focus - June 9th 2026 (Argus Media)
Bloomberg Surveillance TV June 15th, 2026 (Bloomberg Surveillance)
US-Iran Interim Deal and Fed Chair Warsh (Bloomberg Surveillance)
The Money Show SpaceX Market Impact and Solving Social Security (Bloomberg Surveillance)
Bloomberg Surveillance TV June 12th, 2026 (Bloomberg Surveillance)
Bloomberg Surveillance TV June 11th, 2026 (Bloomberg Surveillance)
Inflation Data and Market Bullishness (Bloomberg Surveillance)
Bloomberg Surveillance TV June 10th, 2026 (Bloomberg Surveillance)
May CPI and Major IPOs (Bloomberg Surveillance)
Bloomberg Surveillance TV June 9th, 2026 (Bloomberg Surveillance)
US Economic Outlook and Bond Signals (Bloomberg Surveillance)
🌎 The IPO boom is back, baby! #300 (CTVC by Sightline Climate)
Jessica Uhl on the Fractured Energy Transition Why Speed Matters Now (Columbia Energy Exchange)
Flex Capacitor (Doomberg)
How battery storage is transforming the power grid (Energy Evolution)
How battery storage is transforming the power grid How battery storage is transforming the power grid (Energy Evolution)
State of Distressed Debt Ellias on Reorganizations' Global Bazaar (FICC Focus)
Credit Crunch AI IPOs, Tech Supply and Credit Without Peace (FICC Focus)
MacroVoices #536 Larry Mcdonald The Migration is Upon us (Macro Voices)
Carmen Li's Plan to Build a Futures Market for Compute (Odd Lots)
Anjney Midha's Plan to Radically Lower the Price of Compute (Odd Lots)
How a Vibecoded Newsletter Is Making the Hay Market More Transparent (Odd Lots)
Why Tomatoes Are the Most Expensive They've Been in Four Decades (Odd Lots)
Hormuz Headwinds an Opportunity for Latin American Oil Producers (Oil Markets)
233. To predict the future, In BNEF we Trust - Jun26 (Redefining Energy)
Can Trump make a deal with Iran (Unhedged)
Why are investors so jumpy (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the structural shift from software-driven growth to an era defined by the massive capital expenditures required for AI-ready power and cooling. We analyze how geopolitical bottlenecks in the Strait of Hormuz and the scramble for nuclear and gas-fired baseload capacity are fundamentally reshaping global inflation and commodity volatility.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:40 - The Great CapEx Surge: Powering the AI Boom
7:10 - Macroeconomic Shifts and Supply-Side Inflation
13:33 - Geopolitical Friction in the Strait of Hormuz
16:24 - Global Fertilizer and Agricultural Volatility
18:26 - The New Era of Energy Transition and Nuclear Resurgence
20:31 - Conclusion

Referenced sources:
Fertilizer Matters EP53 Middle East Conflict - Impact on Australia's Phosphate Market (Argus Media)
Fertilizer Matters EP52 China's Potash Market (Argus Media)
Strait Talk UNCLOS the strait! (Argus Media)
Trading and risk management trends in southeast Asia's agriculture market (Argus Media)
Trump Urges End to Fighting After Iran, Israel Trade Missiles (Bloomberg Surveillance)
Bloomberg Money The Rise of Casino Culture and Cash Isn't Always King (Bloomberg Surveillance)
Bloomberg Surveillance TV June 5th, 2026 (Bloomberg Surveillance)
Reaction to the May Jobs Report (Bloomberg Surveillance)
Instant Reaction US Adds 172,000 Jobs, Boosting Bets on Fed Rate Hike by Year-End (Bloomberg Surveillance)
Single Best Idea with Tom Keene Torsten Slok and Rebecca Homkes (Bloomberg Surveillance)
Testing the AI Trade; US-Iran Peace Talks Continue (Bloomberg Surveillance)
Bloomberg Surveillance TV June 2nd, 2026 (Bloomberg Surveillance)
Equity and Credit Trends (Bloomberg Surveillance)
🌎 Mike Schroepfer, ex-Meta CTO, chats $250m for climate & atoms #299 (CTVC by Sightline Climate)
Contrarian Quality at GQG Partners - Rajiv Jain (EP.505) (Capital Allocators – Inside the Institutional Investment Industry)
Ashley Finan and Amy Roma on Speed, Safety, and Reforming Nuclear Energy (Columbia Energy Exchange)
Discussing data centers' grid impacts with Amazon Web Services (Energy Evolution)
Macro Matters Lazard's Van Nostrand on Supply-Shock Investing (FICC Focus)
Bryan Cutsinger, Peter Ireland, and Will Luther on Lessons Learned from the Fed Framework Review (Macro Musings with David Beckworth)
MacroVoices #535 Michael Every NAFTA and NAPTHA - Warcraft & Fartcraft (Macro Voices)
How CoreWeave Sees the Market for Compute Right Now (Odd Lots)
Inside Hudson River Trading's Blistering Token Burn (Odd Lots)
How European crude became oversupplied amid deep supply crisis (Oil Markets)
232. GB's NESO the cool operator - Jun26 (Redefining Energy)
The Great CapEx Surge with Erikhans Kok (The HC Commodities Podcast)
Big energy getting bigger (Unhedged)
Could we interest you in $675bn in tech stocks (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the structural shift from global efficiency to national resource hoarding, driven by the massive capital demands of AI and energy insecurity. We analyze how maritime chokepoints like the Strait of Hormuz and the rising cost of physical infrastructure are fundamentally rewriting the mathematics of global commodity finance and central bank policy.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:37 - The Great Macro Shift: Interest Rates and Inflation
6:40 - The Strait of Hormuz Bottleneck
11:49 - Commodity Finance and Global Trade Flows
16:29 - The AI Power Crunch
18:48 - The New Energy Frontier: Hydrogen and Storage
21:04 - Conclusion

Referenced sources:
Global LPG Conversations US butane flows surge to meet Asia's demand (Argus Media)
Base Oils Disrupted War-Driven Supply Tightness (Argus Media)
Fertilizer Matters EP51 North American Fertilizers - To Re-Export or Not Re-Export (Argus Media)
Power Dispatch Storage Wars - Batteries and Dams in focus (Argus Media)
Power Dispatch Storage Wars - Batteries, Dams and Why We Need Both (Argus Media)
Bloomberg Surveillance TV June 1st, 2026 (Bloomberg Surveillance)
Bloomberg Surveillance TV May 29th, 2026 (Bloomberg Surveillance)
Equity and Bond Signals (Bloomberg Surveillance)
Single Best Idea with Tom Keene Emily Roland & Erin McLaughlin (Bloomberg Surveillance)
Inflation Data amid Equity Push Higher (Bloomberg Surveillance)
Bloomberg Surveillance TV May 27th, 2026 (Bloomberg Surveillance)
Equity Push amid Bond Warnings (Bloomberg Surveillance)
Bloomberg Surveillance TV May 26th, 2026 (Podcast) (Bloomberg Surveillance)
Stocks Rise as Iran Peace Hopes Hold (Bloomberg Surveillance)
India's renewable hydrogen projects face cost, delay risks from global conflicts (Commodities Focus)
State of Distressed Debt Ensis' Shinder on Middle-Market Workouts (FICC Focus)
Macro Matters Morgan Stanley's Hornbach on Oil and Global Rates (FICC Focus)
EM Lens Dispersion Creates Cleaner Entry Points in EM Debt (FICC Focus)
Brendan Greeley on the 500 Year History of the Dollar (Macro Musings with David Beckworth)
MacroVoices #534 Dr. Pippa Malmgren Superpower War or Superpower Hug (Macro Voices)
The Hidden Plumbing of Commodity Finance (Odd Lots)
Gita Gopinath on Why Interest Rates Have Surged All Around the World (Odd Lots)
Brendan Greeley on the Real 500-Year History of the Dollar (Odd Lots)
Tighter routes How Hormuz disruption is reshaping Asian jet fuel markets (Oil Markets)
Episode 33 - with Moritz Heiden and Moritz Seibert (Strong Source)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the structural shift from just-in-time efficiency to a high-cost reality defined by energy chokepoints and the hardware-driven arms race of AI infrastructure. We analyze how the convergence of geopolitical friction in the Strait of Hormuz and a massive capital expenditure cycle is creating a persistent, supply-driven inflationary floor across global commodities.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:51 - Energy Chokepoints and the Global Oil Shock
8:07 - Macro Uncertainty and the Inflation Ghost
13:50 - The AI Infrastructure Arms Race
17:56 - Commodity Super-cycles and Metal Scarcity
20:09 - The Battery Revolution and Grid Complexity
22:42 - Conclusion

Referenced sources:
Fertilizer Matters EP50 Southeast Asia's Phosphate Market (Argus Media)
Global LPG Conversations New storage data highlights Africa growth (Argus Media)
Metal Movers China flat steel outlook shaped by exports, costs and risk (Argus Media)
Metal Movers The Global Aluminium Supply Squeeze (Argus Media)
Falando de Mercado Clima e combustíveis fósseis (Argus Media)
Market Talks Climate and Fossil Fuels (Argus Media)
Chemical Conversations Methanol Trends, Middle East Conflict & Low-Carbon Outlook (Argus Media)
Single Best Idea with Tom Keene Brian Levitt & Dan Ives (Bloomberg Surveillance)
Bloomberg Surveillance TV May 21st, 2026 (Bloomberg Surveillance)
Single Best Idea with Tom Keene Frank Lee & Mandeep Singh (Bloomberg Surveillance)
Nvidia Reports as SpaceX & OpenAI IPOs Gain Steam (Bloomberg Surveillance)
Bloomberg Surveillance TV May 20th, 2026 (Bloomberg Surveillance)
Concerns Over Long Term Yields and Oil Prices (Bloomberg Surveillance)
Bloomberg Surveillance TV May 19th, 2026 (Bloomberg Surveillance)
Equity Push as Bond Yields Rise (Bloomberg Surveillance)
Speed to Power Christian Bruch on Siemens Energy's Turnaround (Columbia Energy Exchange)
How the war in Iran is accelerating Asia's energy transformation (Energy Evolution)
Macro Matters DWS' Catrambone on Long-End Selloff, Warsh Fed (FICC Focus)
MacroVoices #533 Morgan Downey The Return of Oil 101 (Macro Voices)
Why Cerebras CEO Andrew Feldman Built The World's Largest Computer Chip (Odd Lots)
Deutsche Bank's Ozan Tarman and Aditya Singhal on Understanding the Macro Risks (Odd Lots)
The global LPG divide Why Europe and Asia are moving in opposite directions (Oil Markets)
230. The growing complexity of battery management - May26 (Redefining Energy)
230. The growing complexity of battery fleet management - May26 (Redefining Energy)
No Peace, No War and No Flows with Aldo Spanjer (The HC Commodities Podcast)
The Inflation Ghost, Gold and Options (The Macro Trading Floor)
The oil reserves dwindle (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition examines the transition from cyclical price fluctuations to a regime of permanent, geostrategic bottlenecks in global energy and commodity markets. We analyze how the $3 trillion AI capital expenditure cycle is fundamentally colliding with energy supply constraints, from the Strait of Hormuz blockade to the emerging struggle for Arctic and maritime dominance.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:35 - The AI Boom and the New Inflationary Regime
8:59 - Crude Volatility and the Persian Gulf Bottleneck
15:14 - Commodity Supply Squeezes: Copper, Sulfur, and Wheat
17:35 - The Great Energy Transition: From Molecules to Electrons
19:51 - The High-Stakes Race for Arctic and Maritime Dominance
21:56 - Conclusion

Referenced sources:
Bloomberg Surveillance TV May 18th, 2026 (Bloomberg Surveillance)
Iran Oil Sanctions, LIRR Strike, Primary Electiona in Focus (Bloomberg Surveillance)
Bloomberg Surveillance TV May 15th, 2026 (Bloomberg Surveillance)
Equities, Bonds, and Geopolitics (Bloomberg Surveillance)
Single Best Idea with Tom Keene Seema Shah & Paul Quinsee (Bloomberg Surveillance)
Inflation and Geopolitics Impact Markets (Bloomberg Surveillance)
Bloomberg Surveillance TV May 13th, 2026 (Bloomberg Surveillance)
Single Best Idea with Tom Keene Simon White & Ben McMillan (Bloomberg Surveillance)
Iran Conflict Brief How the Iran Standoff is Rewriting US-China Relations (Columbia Energy Exchange)
Arctic Expert Iris Ferguson on Greenland's Resources, Geopolitical Risks (Columbia Energy Exchange)
Global wheat markets on edge as war, weather, and fertilizer shocks drive new rally (Commodities Focus)
Copper markets react to high sulfuric acid prices, Middle East conflict (Commodities Focus)
From crisis to resilience How renewables are strengthening Europe's energy security (Energy Evolution)
Macro Matters NISA Investments' Douglass on Fed, Fiscal Outlook (FICC Focus)
MacroVoices #532 Mike Green Record Mechanical Flows (Macro Voices)
Deutsche Bank's Ozan Tarman and Aditya Singhal on Understanding the Macro Risks (Odd Lots)
Why SocGen's Albert Edwards Sees Double-Digit Inflation Coming Back (Odd Lots)
Samanth Subramanian on the Undersea Cables That Keep the Internet Alive (Odd Lots)
US exports hit record high as Middle East war blocks Persian Gulf supply (Oil Markets)
229. Climate Tech reinvented from green molecules to green electrons - May26 (Redefining Energy)
Sulphurous Times with Meena Chauhan (The HC Commodities Podcast)
Process, Process, Process (The Macro Trading Floor)
What's bothering bonds (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition explores the breakdown of global trade efficiency as the Strait of Hormuz crisis triggers a shift from 'just-in-time' to 'just-in-case' commodity strategies. We analyze how the massive capital pivot toward AI infrastructure is colliding with a fractured energy supply chain, threatening to destabilize everything from global gas markets to food security.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:57 - The Strait of Hormuz Crisis and Global Supply Shocks
9:35 - From Just-in-Time to Just-in-Case: The New Era of Commodity Trading
13:28 - The AI Infrastructure Boom and the Energy Crunch
16:54 - Trade Flow Realignments: The US, India, and Europe
18:54 - Regulatory Headwinds and the Future of Global Gas
20:51 - Conclusion

Referenced sources:
Global LPG Conversations Hormuz disruption tests Asian LPG demand (Argus Media)
Strait Talks - Breaking Down the Break down (Argus Media)
Fertilizer Matters EP49 Middle East Conflict - The Potash Market Anomaly (Argus Media)
Tightened Supply Chains Strait of Hormuz & Bitumen Markets (Argus Media)
Strait Talk False Dawn or Real Don (Argus Media)
Global LPG Conversations From shock to softness Why the European propane market eased (Argus Media)
Bloomberg Surveillance TV May 11th, 2026 (Bloomberg Surveillance)
US & Iran Wrangle Over Deal Terms to End War (Bloomberg Surveillance)
Bloomberg Surveillance TV May 8th, 2026 (Bloomberg Surveillance)
Bloomberg Surveillance TV May 7th, 2026 (Bloomberg Surveillance)
Bloomberg Surveillance TV May 6th, 2026 (Bloomberg Surveillance)
Single Best Idea with Tom Keene Joumanna Bercetche and Heath Terry (Bloomberg Surveillance)
Bloomberg Surveillance TV May 5th, 2026 (Bloomberg Surveillance)
Market Impact of AI and Iran (Bloomberg Surveillance)
Bob McNally and Jason Bordoff on Handling an Energy Crisis (Columbia Energy Exchange)
How EU's methane rules could upend global gas trade (Energy Evolution)
MacroVoices #531 Louis-Vincent Gave Semiconductors, AI & Iran Conflict (Macro Voices)
Bonus episode Hedging through the storm - can India's Dated Brent contract reshape risk landscape (Oil Markets)
European middle distillate flows shift on Persian Gulf supply constraints (Oil Markets)
228. Decentralizing Power The Rise of Behind-the-Meter Energy - May26 (Redefining Energy)
Commodity Trading's Bumper Q1 with Archie Hunter (The HC Commodities Podcast)
The Buy America trade (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.

This week's edition explores the dangerous disconnect between massive capital investments in AI and the physical limitations of our global energy grids. We dive into the geopolitical volatility of the Strait of Hormuz, the Fed's strategic signaling, and the high-stakes race to re-map the global energy landscape from Argentina to Africa.

Explore the full visual digest at pers-int.com

0:00 - Introduction
1:18 - The Strait of Hormuz Standoff and Global Oil Volatility
6:55 - Monetary Policy Shifts and the Fed’s Leadership Transition
12:37 - The AI Revolution: Driving Tech CapEx and Energy Demand
16:42 - Emerging Market Shifts: From Argentine Shale to African Refineries
21:35 - The Great Energy Transition: Nuclear, Wind, and Renewables
25:24 - Conclusion

Referenced sources:
Power Dispatch Modulate and Modernise A New Atomic Age (Argus Media)
Driving Discussions ARDA South Africa rundown (Argus Media)
Hablando de Mercado Refinerías y Vaca Muerta (Argus Media)
Market Talks Refineries and Vaca Muerta (Argus Media)
Falando de Mercado Refinarias e Vaca Muerta (Argus Media)
Bloomberg Surveillance TV May 4th, 2026 (Bloomberg Surveillance)
Bloomberg Surveillance TV May 1st, 2026 (Bloomberg Surveillance)
Bloomberg Surveillance TV April 30th, 2026 (Bloomberg Surveillance)
Single Best Idea with Tom Keene George Bory & Ed Hirs (Bloomberg Surveillance)
Big Tech AI Blowout and Fed Dissent (Bloomberg Surveillance)
Earnings Analysis Meta, Microsoft, Alphabet & Amazon Deliver Earnings (Bloomberg Surveillance)
Instant Reaction Fed Holds Rates, Three Officials Dissent (Bloomberg Surveillance)
Single Best Idea with Tom Keene Seema Shah & Michael Ball (Bloomberg Surveillance)
Bloomberg Surveillance TV April 29th, 2026 (Bloomberg Surveillance)
Fed Decision and Price Pressures (Bloomberg Surveillance)
Single Best Idea with Tom Keene Robert Kaplan & Eddie Fishman (Bloomberg Surveillance)
Bloomberg Surveillance TV April 28th, 2026 (Bloomberg Surveillance)
US Economic Signals and the Latest on Iran Negotiations (Bloomberg Surveillance)
Iran Conflict Brief Why the UAE Is Leaving OPEC Now (Columbia Energy Exchange)
The Iran Oil Shock Will it Force the World to Re-think the Future of Energy (Columbia Energy Exchange)
Macro Matters BlackRock's Brownback on Global FI Opportunities (FICC Focus)
MacroVoices #530 Daniel Lacalle China and The Us Will Decide The Outcome of The Iran War (Macro Voices)
Service company earnings Infrastructure shifts, e-fleets, and Latin American growth (Oil Markets)
227. Wind + Grids = Energy Security - May26 (Redefining Energy)
Escalation Impotence with Doomberg (The HC Commodities Podcast)
The Fed holds steady (Unhedged)
Gloom and boom (Unhedged)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.