Simon Lack, Portfolio Manager

It looks like a big margin call started in Japan. The Japanese Yen has become a funding currency in recent years, a source of cheap financing with the proceeds reinvested in better returning assets – such as US$ listed AI stocks.

Last week the Congressional Budget Office (CBO) released their latest ten-year budget projection. Significant deterioration in our fiscal outlook is visible with every release.

In January last year PJM forecast 1.4% annual demand growth for electricity over the next decade. Two months ago, they raised this to 2.4% over their ten-year planning horizon.

In January last year PJM forecast 1.4% annual demand growth for electricity over the next decade. Two months ago, they raised this to 2.4% over their ten-year planning horizon.

Last week I saw some investors in Florida before joining my partner Henry in Puerto Rico at the national sales conference for Catalyst Funds, our mutual fund partner. The warm, sunny weather and ocean breeze stimulated much useful interaction with clients and salespeople about midstream energy infrastructure. It’s always helpful to hear firsthand the questions and concerns investors voice about what we believe is the most attractive sector in the equity markets today.

Last week I saw some investors in Florida before joining my partner Henry in Puerto Rico at the national sales conference for Catalyst Funds, our mutual fund partner. The warm, sunny weather and ocean breeze stimulated much useful interaction with clients and salespeople about midstream energy infrastructure. It’s always helpful to hear firsthand the questions and concerns investors voice about what we believe is the most attractive sector in the equity markets today.

European imports of LNG rose sharply following Russia’s invasion of Ukraine two years ago. The US was well positioned to step in and provided virtually all the additional LNG Europe bought. The current pause on new LNG export terminals runs counter to these trade flows, but it’s increasingly clear this policy has few supporters other than some climate extremists.

The US Energy Information Administration (EIA) released its Short-Term Energy Outlook (STEO) last week. It confirmed the current trends of increased production, improving mix and declining CO2 emissions.