Syz the moment

Source: Hedgeye, FT, IEA

Global nuclear reactor capacity is projected to grow 44% over the next decade. Every new 1 GW reactor requires: ~400 tonnes of uranium for its initial core load. ~160 tonnes per year thereafter to keep operating. Here's the catch: The first core loads alone for the reactors currently planned would consume uranium equivalent to nearly 90% of today's annual global mine production. That's before a single kilowatt-hour of electricity is produced. The market isn't just facing rising annual demand. It must first fill an enormous pipeline of initial fuel requirements. This is why many investors believe the structural bull case for uranium is still in its early stages. Source: Bloomberg, Lukas Ekwueme @ekwufinance

Economy Minister called to end subsidies for excess renewable electricity after costs ran into the tens of millions last weekend alone. Source: Bloomberg, HolgerZ

Iran, Kuwait, and Qatar follow at 11%, 10%, and 5%, respectively. On the destination side, China receives the largest portion at 37%, followed by India at 14%, Other Asia and Oceania at 16%, South Korea at 12%, and Japan at 12%. This means ~75% of all crude oil passing through the Strait flows to Asia, making the region overwhelmingly the most exposed to the current disruption. Saudi Arabia and Iraq alone represent 60% of all crude transiting the chokepoint, meaning any prolonged closure disproportionately impacts their export revenues and Asian buyers simultaneously. The Strait of Hormuz is the most critical chokepoint in global energy flows. Source: Global Markets Investor

Source: Trend Spider

Goldman Sachs explains that despite a sharp drop of 270 million barrels in global oil shipments within three weeks, Western economies remain stable. High oil inventories across OECD Europe and the Americas cushion any supply shock, preventing immediate disruption. This insulation allows major U.S. oil companies to achieve exceptional profitability even as global supply tightens. Consequently, the West is not protected but may benefit from current conditions, raising questions about who advantages from ongoing disruptions in the Strait of Hormuz. Source: Qasem Al-Ali (@AlaliQasem)

with just 45 days of fuel reserves remaining. President Ferdinand Marcos Jr. signed Executive Order 110, warning of an “imminent danger” to the country’s energy supply. The order, in effect for one year, allows the government to directly procure fuel, enforce rationing, and control distribution of essentials like food and medicine. The vulnerability is stark. The Philippines imports 98% of its oil from the Gulf. Its top suppliers—Saudi Arabia ($1.79B), the UAE ($1.22B), and Iraq ($474M)—are all directly affected by the conflict. With the Strait of Hormuz effectively shut, these supply routes are under severe strain, and Saudi exports to Asia have already been cut for a second straight month. Domestically, the country produces just 14,300 barrels per day but consumes around 474,000—a massive 97% shortfall. This is what a global energy shock looks like in real time. Source: TFTC

In 2026, global gas reserves tell a misleading story: Russia, Iran, and Qatar hold over 50% of reserves, yet disruptions, sanctions, and conflict limit output. The US, with only ~5% of reserves, dominates through operational export terminals, LNG shipping, and intact infrastructure. The lesson: energy power comes from extraction, processing, and logistics not the size of reserves. Gas in the ground or stranded by damaged infrastructure holds no real value; the strategic asset is functional infrastructure. Source: Jack Prandelli on X