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Replying to @PrimaryVision
@PrimaryVision and I are launching a new show called "Third Party Opinion" where we will cover everything from U.S. shale and domestic activity to global macro economics. This will be the full round up you don't want to miss!
Mark Rossano retweeted
China stock market in the past five years:
Hang Seng -12.3%
Shanghai 300 -18.6%
CSI 1000 -11.6%
Domestic challenges, monetary and earnings concerns, and contagion of real estate burst.
via Bloomberg
I find it funny how many people thought I was crazy when I said power prices were going to explode in 2019. The writing was on the wall and AI just supercharged the pivot.
US electricity prices are skyrocketing.
The average price of US residential electricity has risen +11% since January 2025, to 19.6 cents per kilowatt-hour in August 2026, near an all-time high.
Average prices during the first 8 months of 2026 were +40% higher than in the same period of 2019.
The largest increase in residential electricity prices over this period was in Maine, at +90%, followed by California and New York, at nearly +70%.
This comes as the AI boom is intensifying electricity demand, with data centers requiring enormous amounts of electricity to power thousands of chips and cooling systems.
A 1-gigawatt data center can consume as much electricity as 800,000 homes.
As a result, wholesale electricity prices in areas near significant data center activity surged by as much as +267% between 2020 and 2025.
The AI revolution is driving a surge in electricity demand, and households are increasingly feeling the cost.
Mark Rossano retweeted
📈 Asia LNG prices are near a four year high 📈
What's going on?
🚢 LNG flows through Hormuz remains disrupted (20% of global supply)
🇮🇳 Pockets of Asian demand (India, China) threaten to pit the region against Europe for spare supply
🇪🇺 EU storage is low before winter
Mark Rossano retweeted
Overall data center build data has been VERY strong.
Bernstein: "+456 GW project pipeline, up 52 GW or 13% M/M in September. Hyperscalers’ pipeline grew by 10.1 GW, with 3.9 GW from Amazon, 3.8 GW from Google, and 2.4 GW from Meta."
“Under Construction. Construction grew by 7 GW (+10% M/M) with Google contributing 2.1 GW and Microsoft breaking ground on ~1 GW. Colos (1.4 GW), Neoclouds (1.1 GW)"
“Stranded Capacity. Grew 2 GW in September, a notable deceleration vs. the 7 GW added in August.”
Mark Rossano retweeted
🇺🇸 America’s AI build-out is 24 GW short of its own plans.
The 18 biggest AI campuses are planned at 30 GW.
About 6 GW runs today, according to Epoch AI estimates.
The largest is Meta’s Hyperion in Louisiana, planned at 5 GW, and none of it runs yet.
Its power plan is 10 gas-fired plants of 7.5 GW, an $ 11bn deal that Meta pays for.
Seven of those plants still need regulator approval.
None of the 18 campuses is in California.
They cluster in Texas, Louisiana, Ohio, Tennessee and the Midwest, close to gas supply and with room to build turbines.
If that 24 GW gap ran on gas around the clock, it would burn 3.6 Bcf/d.
That’s about the feedgas for 25+ Mtpa of LNG, more than all of Alaska LNG.
Data centres and export terminals are now bidding for the same US molecules.
The question for 2027 is whether turbines, pipelines and Henry Hub can keep up with the chips.
Mark Rossano retweeted
BREAKING: South Korea's stock market extends losses to over -8% on the day, triggering a level 1 circuit breaker.
Trading has been halted for 20 minutes amid the intense selling pressure.
A level 2 circuit breaker would occur next at a -15% drop.
Mark Rossano retweeted
Oil tanker rates from the Middle East to Asia are EXPLODING:
Daily tanker rates have surged to $1.068 million for voyages to India, $906,000 to China and $904,000 to Japan.
Meanwhile, at least 10 empty very large crude carriers, alongside several Suezmax tankers, have stopped or reversed course while approaching Fujairah in the UAE amid escalating Iranian attacks.
This threatens a key workaround that has helped Persian Gulf oil exports recover toward prewar levels, as shuttle tankers carry crude through the Strait of Hormuz to larger vessels waiting outside the waterway.
The system is becoming harder to sustain as tanker availability tightens, ship-to-ship transfers keep vessels occupied for longer, and rising security risks make routes through the region more costly.
If empty supertankers continue retreating, fewer receiving vessels could be available, forcing shuttle tankers to remain occupied longer and slowing crude shipments.
The disruption comes as tanker availability is already tight, pushing shipping costs to record levels.
The risk for the global economy is no longer just higher oil prices, but whether enough tankers will be willing and available to move the oil.
Mark Rossano retweeted
Just how full is the hyperscaler/AI IG debt pipeline: there have been zero deals since the start of September. And SPVs not doing better.
As a reminder, debt becomes capex, becomes revenue, becomes EPS.
Without debt, there is no EPS growth.
"Until The AI CapEx Debt Creation Machine Turns Back On": Goldman Says Credit Is Calm... For About Two More Months zerohedge.com/markets/until-…
It was only a matter of time before people started to pivot to true baseload- especially with some of the gas contracts coming up
Australia's most populous state wants a new gas-fired power plant to support intermittent renewables 🇦🇺⚡
New South Wales released a tender for 1,500MW of peakload supply, while ruling out battery storage. The move aims to also reduce dependence on coal
bloomberg.com/news/articles/…
Mark Rossano retweeted
Australia's most populous state wants a new gas-fired power plant to support intermittent renewables 🇦🇺⚡
New South Wales released a tender for 1,500MW of peakload supply, while ruling out battery storage. The move aims to also reduce dependence on coal
bloomberg.com/news/articles/…
Mark Rossano retweeted
🇨🇳 China's coal prices hit a three-year high 🇨🇳
⛏️ This is driven by sluggish domestic production growth and disruptions to top exporter Indonesia, just as winter demand is set to rise
📈 Benchmark coal prices hit 1,004 yuan a ton ($150) on Monday
bloomberg.com/news/articles/…
Mark Rossano retweeted
Another One Bites The Dust: Nvidia-Backed Firmus Slashes IPO Price 25% As AI Data Center Window Slams Shut zerohedge.com/markets/anothe…
































