| WTI $102.48 ▲ 6.69% · NG $2.834 ▲ 0.43% · RIGS 588 — · S&P 7,591.70 ▼ 0.58% · XOP $195.47 ▲ 0.24% |
| September 10 close · Gas = Henry Hub Oct 2026 · Rigs = Baker Hughes (week ending September 4, 2026) |
| $2.55 Billion |
| of Tallgrass crude pipe, storage and marketing, paid in cash Enbridge raised by selling C$2.6 billion of stock the same day |
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| Today’s Menu | ||||||
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| Lead Story |
| US$2.55B / C$2.6B — Enbridge buys Tallgrass’s crude business, sells stock to pay for it |
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• US$2.55 billion cash buys 75% of Pony Express, 51% of Powder River Gateway, 8.4 MMbbl of storage and the Stanchion marketing arm, at 10–11x forward EBITDA. |
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• The same day Enbridge sold 38.9 million shares at C$66.85, C$2.6 billion, to part-fund Tallgrass and Salt Creek. PXP2 lifts Pony Express to 515 kbbl/d in late 2027. |
| The Headlines | |
| DATA CENTERS | |
| Reported — 38 GW / 12 GW — Microsoft plans to triple its data-center fleet by 2032 | |
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• Bloomberg says Microsoft’s fleet will pass 38 GW in 2032, from about 12 GW today. Roughly 2 GW runs AI chips now; that becomes about a third of the 38 GW. |
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• Capex is $50 billion for fiscal Q1 2027 and $175 billion for calendar 2026. Leases stretch to 25 years from 15, which lowers reported capex, not the build. |
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| MIDSTREAM | |
| Reported — 2.2 Bcf/d / 3.84x — Kinetik explores a sale | |
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• Three sources told Reuters that Blackstone-backed Kinetik is working with advisers on a possible sale; Bloomberg says a process could start within weeks. |
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• 2.2 Bcf/d of Delaware processing, $280.8 million of Q2 EBITDA, $3.94 billion of net debt at 3.84x, guidance of $1.04–1.1 billion. No price has been reported. |
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| POWER | |
| $715M / 609 MW — Constellation buys RISEC; Shell buys 169 MW in PJM | |
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• Shell sells its interests in RISEC, owner of the 609 MW Rhode Island State Energy Center, to Constellation for $715 million, closing Q1 2027 pending approvals. |
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• It separately buys 100% of Hunlock Creek, 169 MW of gas-fired capacity in Pennsylvania, at an undisclosed price. The $715 million applies to RISEC only. |
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| NUCLEAR | |
| 507 MW / 22 years — Google contracts half of Loviisa through 2049 | |
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• Google takes up to 50% of the 1,014 MW plant for 22 years, from 2028 and at the full half from 2030 to 2049. Fortum sees about 1.4 points of added comparable RONA. |
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• €700 million of the €1 billion life-extension capex and 80% of its projects still await decisions. Google’s €13 billion Finland plan is separate from the PPA’s value. |
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| CRUDE | |
| $102.48 / +6.69% — WTI settles above $100 for the first time since May | |
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• WTI settled $102.48 and Brent $107.63, the highest since May 19. Iran said it hit 10 ships near Hormuz; CENTCOM says it sank 10 Iranian tankers this week, up from five. |
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• OPEC cut 2026 demand growth to 380 kbbl/d, a fifth straight cut; a Reuters survey puts August output down 640 kbbl/d. U.S. diesel passed $6 a gallon, per GasBuddy. |
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| Quick Hits | |||
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| The Reading List | |||
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| Sunya Stories | |
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| Full Archive on Spotify → |
| In Case You Missed It | |||
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Disclaimer: Not financial advice. This newsletter is for education + entertainment — not a recommendation or a solicitation to buy or sell anything. Do your own research and make your own calls (and talk to a pro when it matters).