The market is no longer trading a headline. It is trading missing barrels, stranded products, and a tighter Asian fuel balance.

• Kpler: ME exports averaged 9.71 million b/d (week to Mar. 15), down 61% from 25.13 million b/d in February. Vortexa’s read: 7.5 million b/d, down 71%. Floating storage above 50 million barrels vs. ~10 million pre-war. UAE output down more than half; Saudi down ~20%; Iraq down ~70%. Analysts peg shut-ins at 7–10 million b/d.

• China banned exports of diesel, gasoline, and jet fuel through at least end-March — a $22B/year trade. Asian diesel at $150/bbl, jet at $163/bbl, gasoline at ~$140/bbl. Wood Mackenzie said the disruption could force up to 6 million b/d of crude run cuts across Asia.

• Nscale signed to acquire AIPCorp, including the Monarch Compute Campus — 2,250 acres in Mason County, WV, scalable to 8GW+. Initial 2GW by H1 2028; full ~8GW by 2031. Creates Nscale Energy & Power (Houston).

• Separately, LOI with Microsoft for 1.35GW of AI compute at Monarch, deploying NVIDIA Vera Rubin NVL72 systems starting late 2027. Caterpillar G3500 gas gensets at scale. Nscale recently raised $2B at $14.6B valuation.

• $8.6B Phase 2 financing brings total CP2 to $20.7B — largest standalone project financing in the U.S. bank market. >$19B of commitments; no outside equity.

• CP2 sized for 29 mtpa peak; nearly all volumes contracted to Europe/Asia. Across three LA projects: >49 mtpa contracted. Fifth FID in <7 years; cumulative transactions >$95B.

• 2.7 GW of new clean resources for a 1 GW data center on a 280-acre Van Buren Township site (“Project Cannoli”). Mix: 1.6 GW solar, 400 MW 4-hr storage, 50 MW LDES, 300 MW additional clean. No new gas. 20-year contract filed with MPSC.

• Google covers 100% of costs; DTE says deal reduces ratepayer bill pressure by $1.7B over contract life. $10M Energy Impact Fund. Third Google “bring your own power” utility deal after AES/TX and Xcel/MN.

• Solaris closed the acquisition of Genco Power Solutions (400 MW of gas-fired capacity, 2026–2028) and purchased 30 turbine delivery slots from a private party (500 MW, early 2027–2029). Total capacity reaches ~3,100 MW by end-2029.

• Also closed a new $300 million credit facility to fund growth. Solaris delivers distributed gas-fired power to data center, energy, and C&I clients. Stock up ~13% on the news.

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