Saudi oil export through Yanbu West Terminal are skyrocketing. The next target for Iran?
The Houthis’ involvement adds a second maritime pressure point in the Red Sea, with the ability to threaten Saudi Arabia’s Yanbu export hub and disrupt traffic through the Bab al-Mandeb. This puts ~5 mbd of Saudi bypass capacity at risk, potentially adding around $20/bbl to oil prices, writes JPM's Kaneva. Workarounds exist, but longer routes could extend Asia shipping times by up to 40 days and require 130+ additional tanker voyages. Source. JP Morgan, RBC, TME
Balance of Power: 2026 Midterms - Polymarket
Democrat sweep = 50% odds Source: C.Barraud
China is pulling silver from global markets at the fastest pace in 8 years
China is rapidly absorbing global silver supply, with imports exceeding 790 tons in early 2026 and a record February. Demand is driven by retail investors seeking a cheaper alternative to gold and solar manufacturers accelerating purchases before tax changes. With the solar sector consuming about 20% of global supply and inventories falling, market tightness is intensifying. China’s dominant role in both demand and production is amplifying pressure on already constrained silver markets. Source: Global Markets Investor
50 countries rely on imported fossil fuels for more than HALF their energy.
The Strait of Hormuz is a critical global chokepoint: disruption would hit energy-dependent economies like Japan, South Korea, and Germany. Despite shifts after past crises, reliance on fossil fuels remains high and concentrated in volatile regions. The energy transition is progressing, but too slowly to mitigate immediate geopolitical and supply risks. Source: Jack Prandelli on X, Ember
This month is proving painful for macro traders:
Brevan Howard Master Fund: -6% MTD (through March 20) Brevan Howard Alpha Strategies: -3.7% MTD (through March 20) Taula: -9.6% MTD (through March 20) Caxton Macro: -15% MTD (through March 20) Source; Bloomberg, Nishant Kumar
JP Morgan has launched a basket of credit default swaps designed to let hedge funds bet against the debt of $GOOGL, $AMZN, $ORCL, $META, and $MSFT
Big Short 2 Coming? Source: Barchart
Why Memory Stocks Crashed Today: TurboQuant Just Changed The Game With "Google's DeepSeek Moment"
Micron Technology (MU) fell 17% in 5 days, losing $90B market cap (now $430B), alongside Sandisk, Seagate, and Western Digital. Not earnings, but Google’s TurboQuant cutting memory use 6x, boosting inference 8x shocked markets. By reducing AI hardware needs, it threatens memory demand, signaling a shift toward software efficiency over hardware dominance. Source: Provided text
The limited flow of traffic moving through the Strait of Hormuz is now sailing exclusively through an IRGC-controlled corridor requiring specific clearance codes and an Iranian escort service.
Source: LLoyd's List
