Syz the moment

Source: HolgerZ, Bloomberg

Coal still leads the charge when it comes to electricity, representing 35% of global power generation, followed by natural gas at 23% and hydroelectric at 15%. Source: Elements, Visual Capitalist

"Industry research suggests that, after accounting for efficiency, storage needs, the cost of transmission, and other broad system costs, nuclear power plants are one of the least expensive sources of energy." Source: BofA Global Research, Gustavo Philippsen Fuhr

By Elements / Visual Capitalist

The largest US bank expects the global oil deficit hitting a record 7mmb/d in 2030, a staggering shortfall which would require prices to rise higher... much higher. In a nutshell: JPM is reiterating their $80/bbl LT target and their view framed in Supercycle IV that the upside risk to oil is $150/bbl over the near to medium term term and $100/bbl LT. The primary drivers of their structural thesis are : 1) higher for longer rates tempering the flow of capital into new supply, 2) higher cost of equity driving elevated Cash Breakevens of >$75/bbl Brent (post buybacks) as companies return structurally more cash to shareholders, in turn, pushing the marginal cost of oil higher, 3) Institutional and policy led pressures driving an accelerated transition away from hydrocarbons and peak demand fears. Taken together, their corollary is a self-reinforcing ‘higher-for-longer’ energy macro outlook as the industry struggles to justify large investments beyond 2030. Consequently, they forecast a 1.1mbd S/D gap in 2025 widening to 7.1mbd in 2030 driven by both a robust demand outlook and limited supply sources.

Source: Elements

Source: Steno Research & Macrobond

Source chart: 3Fourteen, Warren Pies