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Year Two Of The Largest Ever Global LNG Supply Wave Is Hitting Markets Year Two Of The Largest Ever Global LNG Supply Wave Is Hitting Markets Roughly two and a half months after Goldman's head of Global Commodities Research, Samantha Dart, laid out a timeline for what she called the " " LNG supply wave to hit global markets, she published a new client note late this week reiterating that the "supply wave is still on track." "2025 was year one of what we see as the largest ever global LNG supply wave, lasting seven years," Dart began the note, warning that "this wave is the main driver of a lengthy bearish cycle for European natural gas (TTF) and LNG (JKM), which we expect to bottom in 2028/29." Dart forecasts that TTF and JKM will average below $5/mmBtu by the end of the decade, around 2028-29, compared with current TTF prices of around $41/mmBtu. image Here is Dart's update on the global LNG supply wave that is in year two, hitting markets: We see realized 2025 and forecasted 2026 LNG supply largely in line with our previous expectations, despite the recent US disruptions and recent delays to liquefaction capacity starts. Specifically, 2025 global LNG supply averaged 431 mtpa, only marginally below our 433 mtpa expectation as of end-2024, as a large beat in the US (driven by larger-than-expected ramp up at Plaquemines) was ultimately offset by smaller misses across existing LNG producers. We see some of these misses, like for Algeria and Indonesia, as likely structural, owing partly to growing domestic energy demand, and we incorporate further supply losses (-1 mtpa in total initially, but building to -3 mtpa in 2028-2030[1]) in our forward balances. Global LNG supply has started 2026 below our previous expectations driven by export capacity start delays in the US, Canada, Congo and Australia, though by 4Q26 we expect supply to largely catch up with our earlier numbers. On net, we still expect 2025-to-2030 global LNG supply growth (+193 mtpa, 45% of 2025 global supply) to far exceed Asia demand growth (+144 mtpa), even taking into account our estimated demand response to low gas prices (>40 mtpa from China alone). We expect this oversupply to take European gas storage to congestion, particularly in 2028/29, leaving a temporary price-driven curtailment of US LNG exports as the likely solver of the imbalance in that period, in our view. We note that all but one of the supply projects in our balances through 2029 have already reached a Final Investment Decision (FID)[2]. The largest ever LNG supply wave is underway, and the early leadership is clear: U.S. capacity is ramping fastest and setting the tone for global balances. Exhibit 18: The LNG supply wave has started. image Exhibit 12: Supply growth is being led by the U.S. image Exhibit 17: U.S. liquefaction start ups and ramp schedules, the core driver of incremental volumes. image Exhibit 3: Global LNG supply growth remains structurally above Asia demand growth, pushing the market toward a late decade pressure point. In 2028 to 2029, the implied balancing mechanism is supply curtailment, most likely via price driven reductions in US LNG exports as storage and logistics constraints tighten. image  portal​​​​. Sat, 02/07/2026 - 07:35
Netanyahu Tells US Envoys Iran Cannot Be Trusted If Deal Is Reached Netanyahu Tells US Envoys Iran Cannot Be Trusted If Deal Is Reached Israeli Prime Minister Benjamin Netanyahu told US envoy Steve Witkoff during a meeting in Jerusalem on Tuesday that Iran cannot be trusted, as Witkoff prepares for potential talks with Iranian Foreign Minister Abbas Araghchi. "Ahead of Envoy Witkoff’s departure to meet with a representative of Iran, the Prime Minister clarified his position that Iran has proven time and again that its promises cannot be relied upon," Netanyahu’s office  . image According to Haaretz, President Trump’s son-in-law, Jared Kushner, https://www.haaretz.com/israel-news/2026-02-03/ty-article-live/un-chief-warns-netanyahu-israels-unrwa-crackdown-violates-united-nations-charter/0000019c-2158-d6ed-affe-e7dcd0fe0000?liveBlogItemId=1852705845#1852705845 . While holding no official position in the Trump administration, Kushner has been deeply involved in US engagement with Israel and negotiations on Gaza. Initial reports said Witkoff and Araghchi were expected to meet in Turkey, but the venue may now be changed to Oman. Axios https://www.axios.com/2026/02/03/iran-us-nuclear-negotiations-format  on Tuesday that Iran was making new demands related to the talks, but the claim was contradicted by Ali Vaez of the Crisis Group. "A senior Iranian official just told me that this report is not accurate: ‘Both sides are deciding together on the best format and venue,' he noted," Vaez   in response to the Axios report. The White House also said that talks are still planned for this Friday. It's unlikely that a deal between the US and Iran can be reached as the Trump administration is demanding that any agreement must include limits on Tehran’s missile program, a condition Iranian officials have said is a non-starter. President Trump has been threatening to bomb Iran for weeks and has ordered a major US military buildup in the region, which has involved the deployment of the aircraft carrier USS Abraham Lincoln and its strike group and additional air defenses. The president is now pushing the idea of some sort of deal with Iran, but before the launch of the 12-Day War, he was also calling for diplomacy as part of a deception campaign to keep Tehran offguard. U.S. official to Axios: It's really the Israelis who want a strike on Iran. The President is just not there. — Clash Report (@clashreport) Israel launched the war on June 13, a few days before the US and Iran were scheduled to hold another round of nuclear talks. Hours before the first Israeli airstrikes hit, https://truthsocial.com/@realDonaldTrump/posts/114672438335170335 . Wed, 02/04/2026 - 22:35
Nintendo Profit Misses As Soaring Memory Prices Could Become Major Headache Nintendo Profit Misses As Soaring Memory Prices Could Become Major Headache Dark storm clouds have gathered over Nintendo since the start of December, as investor concerns mount over tariffs, rising memory prices, and chatter about soft US holiday sales. The stock in Tokyo remains about one-third below its August peak. Earnings on Tuesday reconfirmed the gloom after Nintendo reported third-quarter operating income that missed the average Wall Street estimate tracked by Bloomberg. Switch 2 sold 7.01 million units in the December quarter, beating Bloomberg Consensus estimates, but the operating income of 155.21 billion yen, versus the 180.7 billion expected, raised investor concern. image Trade tariffs, combined with rising component costs, especially the explosion in the price of high-bandwidth memory (HBM), are pressuring thin hardware margins for the electronics company. Goldman analyst Maho Kamiya clients in late Decemeber that concerns about rising memory prices and the absence of top-down tailwinds have sent Nintendo shares spiraling. The stock has yet to recover since the warning... image We have outlined a growing list of electronics companies pressured by soaring memory prices, even prompting to tell consumers that front-running purchases of PCs, TVs, and other devices that use HBM should be "done now" because the memory shortage, caused by data center buildouts, will only get worse from here. Snapshot of the third quarter (courtsey of Bloomberg): Operating income 155.21 billion yen, +23% y/y, estimate 180.7 billion yen (Bloomberg Consensus) Net income 159.93 billion yen, +24% y/y, estimate 147.5 billion yen Net sales 806.32 billion yen, +86% y/y, estimate 815.7 billion yen "Switch 2 sales figures can be seen as okay, but it would be hard to call them solid," Toyo Securities analyst Hideki Yasuda wrote in a note. Yasuda said, "Looking ahead, concerns such as rising component prices remain, and how the company will once again control costs will be the key point to watch." According to research firm TrendForce, HBM shortages are fueling major risks for Nintendo as chipmakers prioritize AI data-center memory, potentially limiting console production. Hence, our most recent note: Nintendo maintained full-year guidance: Sees FX assumption 150 yen/USD, saw 140 Sees FX assumption 170 yen/EUR, saw 160 Still sees operating income 370.00 billion yen, estimate 419.16 billion yen Still sees net income 350.00 billion yen, estimate 412.42 billion yen Still sees net sales 2.25 trillion yen, estimate 2.37 trillion yen Sees Switch 2 hardware sales 19.00 million units Sees Switch 2 software sales 48.00 million units Still sees original Switch hardware sales 4.00 million units Still sees original Switch software sales 125.00 million units Still sees dividend 181.00 yen, estimate 204.14 yen While it may be a golden time for memory makers as prices skyrocket, it is only a matter of time before consumer electronics see price surges and even the risk of limited production. Welcome to the era of AI data centers: the HBM shortage is expected to persist into 2027. Tue, 02/03/2026 - 07:45
It's Time To Accept That Civil War 2.0 Has Already Started It's Time To Accept That Civil War 2.0 Has Already Started In July of 1917 as the fires of WWI raged across Europe, the Russian city of Petrograd was facing its own special turmoil in the form of a large scale Bolshevik insurgency. Up to 500,000 protesters, agitators and provocateurs had entered the city from across the country, many of them armed. They took over large swaths of the metropolis, hijacked private vehicles and confiscated private buildings. Some soviet leaders including Vladimir Lenin called the event “premature” and did not publicly endorse it, which may have been a calculated attempt to avoid direct blowback. The official historical explanation is that the insurrection had taken on a life of its own, but the stage had been set and the communist agitators got exactly what they wanted, what their strategy demanded: Human sacrifice. Clashes with government authorities led to hundreds of protester deaths and a handful of police casualties. The Russian government surged military forces into the region to arrest Bolshevik captains and the movement had to pull back. In the end, though, the primary goal of the insurgents had been achieved. Whether spontaneous or planned, the point of the communist methodology is always to trigger government violence which can then be used to create public sympathy and bolster the revolution. The majority of “normies” don’t need to join the revolution, they just have to be convinced to stay out of the way. And that’s largely what happened a few months later in October of 1917 when the Red Terror began. What followed was five years of civil war. The communists, who had long claimed to be innocent victims of the Tsarist “imperialism”, went on a murder spree as soon as they solidified their political power. Their ideological opponents were systematically rounded up and eliminated. There are no exact numbers on how many killings occurred because records were destroyed, but estimates suggest the revolutionaries and secret police arrested and executed around 1 million political dissidents in the first few years of communist rule. This genocide, though, would pale in comparison to the 10 million deaths caused by the Russian Civil War. Not to mention the imprisonment and mass murder of millions of Christians by the atheist regime over the course of the next couple decades. History rarely “repeats” but our modern political dynamic rings rather familiar. Many of the tactics used by the leftists in Russia in the early 20th Century are being used today in the US. In fact, I would argue they are almost exactly the same and that a Bolshevik-style revolution is happening right now. Interestingly, the Bolsheviks were a tiny minority within the Russian population. At their peak in 1917 they had only 400,000 "official" members. They were supported politically by an estimated 23% of the population, but that is still a small movement compared to the 150 million Russian citizens trying to live their lives from day to day. Had Russian conservatives (nationalists, Christians and defenders of private property rights) stood up and acted en masse to stop the Bolsheviks early in 1917, their society could have avoided the full scale murder that would befall them from 1918 onward. They might not have aligned perfectly with their existing government, but the communist alternative was so much worse. Instead, the conservatives waited until agents of the Cheka were at their doorstep, and by that time it was too late to effectively fight back. As Aleksandr Solzhenitsyn depressingly noted in his book “The Gulag Archipelago”, the majority of Russians stood against Soviet rule but they did not have the courage to take up arms when it mattered most. And so, a minority of militant communists were able to dominate a nation of hundreds of millions. As Solzhenitsyn warned: “We didn’t love freedom enough. And even more – we had no awareness of the real situation…We purely and simply deserved everything that happened afterward.” The communists, of course, did not achieve such success alone. As scholar Antony Sutton outlined with ample evidence in his book “Wall Street And The Bolshevik Revolution”, they enjoyed the financial and logistical backing of various global elites (from the Rockefellers to the Morgans to the Harrimans) through the course of the revolution and after their rise to power. The purpose? To create the model for an atheist and relativistic authoritarian state. A system that the globalists intend to one day use to take over the entire world. Their plan relies heavily on a lack of action by patriots. It could be a weakness, but the leftists have good reason to feel emboldened lately. Civil War 2.0 has, in fact, already kicked off in the form of a well funded far-left insurrection much like what happened in 1917 Russia. The lack of conservative organization in response has been less than impressive, and I’m here to give a warning: We are approaching the point of no return. Activists are funded by a massive shell game of NGOs hidden behind other NGOs. They are coordinated by hidden online discord servers. They receive their orders and share information in the field through encrypted Signal chats. They are trained in agitation and disruption by anonymous online meet-ups run by covert activist coordinators.  They have engaged in violent attacks on ICE agents on hundreds if not thousands of occasions and few of them are ever prosecuted. This is not the behavior of a grassroots protest movement, this is the behavior of an army of covert operatives with special protections. image It’s important to understand that the “protests” are actually a highly coordinated guerrilla campaign – These are not sincere citizens exercising their civil rights.  For now their stated motivation is to stop deportations of illegal migrants, but this is just an excuse for their insurgency.  If ICE stopped operations tomorrow, the paid activists would simply fabricate another rationale for tearing the country apart.  Placating them will accomplish nothing. They are hostile combatants trying to assert dominance and grow their numbers through posturing. Their goal is the destruction of the western world. This cannot be allowed. The clear solution would be for the government to shut down hostile NGOs, however, these institutions are protected by corporate personhood and have the same constitutional rights as individual citizens. The process of investigating them and prosecuting them takes time – time we don’t have. Even if Trump utilized the Insurrection Act and deployed the military, there are not enough troops to lock down more than a handful of US cities. Those people hoping that martial law will resolve the issue are kidding themselves. By extension, leftists stand to gain greater support: Martial law would represent proof to the rest of the world that the administration is indeed “fascist.” The course of the war will not depend on government intervention, so don’t hold your breath waiting for effective enforcement. The reality is, most activist arrests end with them right back out on the street anyway. Their support apparatus has to be permanently removed, or THEY have to be permanently removed from the equation. Everything will be decided by regular conservatives. If they organize in large numbers, if they create a funding apparatus to move people and supplies around the country quickly, and if they form proper leadership and training guidelines, then there might be a chance for peace simply by presenting a formidable deterrent. If not, at least the means to put down the insurgency will be available. If conservatives stay at home and refuse to protect any piece of territory beyond their front gate, they will lose everything. It’s inevitable. The side that wants to win will always have an edge over the side that “just wants to be left alone.” Protests will continue to spread to other cities using the same model we have seen recently in Minneapolis. NGOs will try to provoke more activist deaths at the hands of federal agents. The more the activists go unchecked by the general public the more emboldened they will become and the more their numbers will grow in the assumption that they are the majority. In the event that the protests are stalled but the organizations are not crushed, activists will revert to assassinations and Weather Underground-style terror attacks until they demoralize the populace and gather strength again. The bottom line? If the political left is not made to truly FEAR consequences, they will not stop until they get their own Red Terror purge. The end result is not going to be “balkanization.” That idea might have worked during the pandemic, but at this stage it’s far too late for a national divorce. The leftists will never allow conservatives to live in peace in red states. Letting blue cities rule over entire states of mostly red counties would only legitimize progressive extremists and hurt the conservative cause. This fight is for the entire country, not pieces of it. It’s also not going to be a war of “factions”. This is prepper SHTF theory nonsense. The lines could not be more defined. The “false left/right paradigm” is a dead remnant of the Ron Paul era. It no longer exists, at least not where the bottom of the pyramid is concerned. The vast majority of progressives and Democrats are onboard with woke extremism. They’re onboard with the purge. They are loyal soldiers of globalism. Unity with them means enslavement. Leftists, globalists and their allies are not going to discern between MAGA, libertarians and centrists. They will ultimately treat everyone as an enemy worthy of elimination. They’re also not going to divide and in-fight the way some conservatives predict, at least not until they’ve gotten rid of us first. In the end, the fate of the US and western civilization stands on the precarious shoulders of a conservative movement that has the means to fight, but not necessarily the will. They are forever waiting for the perfect Hollywood scenario in which they can defend themselves in good conscience in a fair fight where they are the clear and undeniable “good guy.” They are forever waiting for the perfect moment to rise up – A moment that will never come. Patriots have also planned and trained for decades under the pretenses that conservatives would be the insurgents, not the counter-insurgency. Counter-insurgency is much more difficult and requires far more resources. But guess what? You don’t always get to choose the wars you fight. Sometimes the war chooses you and you have to adapt. There are certainly individuals who will do what they can. I will be among them as will many of the people I know. But the great question, the great unknown, the unpredictable factor is whether or not average Americans will step off their porches in large numbers and send a clear message that they will no longer tolerate the chaos. *  *  * If you would like to support the work that Alt-Market does while also receiving content on advanced tactics for defeating the globalist agenda, subscribe to our exclusive newsletter The Wild Bunch Dispatch.  Learn more about it  . Views expressed in this article are opinions of the author and do not necessarily reflect the views of ZeroHedge. Mon, 02/02/2026 - 23:25
Clintons Bend The Knee To Comer, Agree To Testify In House Epstein Inquiry Clintons Bend The Knee To Comer, Agree To Testify In House Epstein Inquiry Just hours after Chair James Comer (R-Ky.) rebuffed Bill and Hillary Clinton's attorney's last-ditch conditional offer, the former president and former secretary of state appear to have acquiesced and agreed to key demands from the Republican-led House Oversight Committee to testify about Jeffrey Epstein in a closed-door deposition. image The initial correspondence, https://www.cnn.com/2026/02/02/politics/clintons-contempt-congress-vote-comer revealed that the Clintons’ team has been in search of an off-ramp for days. Attorneys for Bill and Hillary have been in discussion with the Republican-led committee multiple times since lawmakers from both parties voted in January to hold the Clintons in contempt for refusing to appear for in-person depositions as part of the panel’s investigation into Epstein. “It has been nearly six months since your clients first received the Committee’s subpoena, more than three months since the original date of their depositions, and nearly three weeks since they failed to appear for their depositions commensurate with the Committee’s lawful subpoenas,” Comer wrote. “Your clients’ desire for special treatment is both frustrating and an affront to the American people’s desire for transparency.” https://www.cnn.com/2026/02/02/politics/clintons-contempt-congress-vote-comer according to the letter dated January 31, the Clintons’ lawyers laid out the terms under which the former president would sit for a voluntary, transcribed interview. He would sit for four hours in New York City for an interview limited to the scope of the Epstein probe, they said. Lawmakers from both parties and their staff could ask questions, and the lawyers said both the Clintons and the committee could have their own transcriber present, according to the letter. Comer rejected the offer from the Clintons’ attorneys as “unreasonable” and said he could not accept such terms. He could not agree, he said, to changing the interview from a sworn deposition to a voluntary interview, and rejected the way in which the attorneys sought to limit the interview’s scope.  “But given that he has already failed to appear for a deposition and has refused for several months to provide the Committee with in-person testimony, the Committee cannot simply have faith that President Clinton will not refuse to answer questions at a transcribed interview, resulting in the Committee being right back where it is today,” the Kentucky Republican wrote. By rejecting the Clintons’ initial offer, Comer had all but ensured that the House would hold a final vote this week on the contempt resolutions. “Your clients’ desire for special treatment is both frustrating and an affront to the American people’s desire for transparency,” Mr. Comer wrote in a letter to the Clintons’ lawyers on Monday that was also . Indeed, , an extraordinary first step in referring them to the Justice Department for prosecution, the Clintons ultimately waved the white flag and agreed to fully comply with Mr. Comer’s demands. In an email sent to Mr. Comer on Monday evening, attorneys for the Clintons said their clients would “appear for depositions on mutually agreeable dates” and asked that the House not move forward with a contempt vote, which had been slated for Wednesday. However, it was not immediately clear Monday evening whether Comer would accept the Clintons' terms and, subsequently, whether the contempt votes would still take place. Comer said: "The Clintons' counsel has said they agree to terms, but those terms lack clarity yet again and they have provided no dates for their depositions. The only reason they have said they agree to terms is because the House has moved forward with contempt." "I will clarify the terms they are agreeing to and then discuss next steps with my committee members," Comer said in a statement. For Mr. Clinton to testify in the Epstein investigation would be nearly unprecedented. No former president has appeared before Congress since 1983, when President Gerald R. Ford did so to discuss the celebration of the 1987 bicentennial of the enactment of the Constitution. When Mr. Trump was subpoenaed in 2022 by the select committee investigating the Jan. 6, 2021, assault on the Capitol, after he had left office, he sued the panel to try to block it. The panel ultimately withdrew the subpoena. It was a victory for the Republican chairman, shifting the focus of his panel’s Epstein investigation onto prominent Democrats who once associated with the disgraced financier and his longtime companion, Ghislaine Maxwell. Mon, 02/02/2026 - 21:20
Detroit Judge Charged In Plot To Embezzle Money From Over 1,000 'Incapacitated Individuals' Detroit Judge Charged In Plot To Embezzle Money From Over 1,000 'Incapacitated Individuals' A Detroit judge, her attorney father, and two other individuals were charged by federal prosecutors in an alleged "years-long scheme" to embezzle nearly $300,000 from individuals deemed incapacitated or otherwise vulnerable. image Judge Andrea Bradley-Baskin, 46, is alleged - among other things, "to have used $70,000 in a ward’s funds to purchase an ownership stake in a local bar," and "money embezzled from the estate of a ward to pay a two-year lease on a new Ford Expedition for herself." In addition to Bradley-Baskin, her father, Avery Bradly, 72, Nancy Williams, 59, and Dwight Rashad, 69, were charged with conspiracy to commit wire fraud and several counts of money laundering. The judge was also hit with a single count for making a false statement to a federal law enforcement agent. Bradley-Baskin and her father Avery represented a firm that was appointed to manage the estates of incapacitated wards of over 1,000 cases, the DOJ claims. The firm, Guardian & Associates, was run by indicted co-conspirator Nancy Williams, and would siphon funds from the estates of vulnerable individuals to the judge and her father - along with to a group home operator, Dwight Rashad, officials allege.  Bradley, Rashad, and Williams are accused of stealing $203,000 from one ward's legal settlement, while spending nothing on the individual. Guardian and Associates is further accused of paying out sums to Rashad for individuals who weren't even living in his facilities, the indictment claims.  According to the indictment, probate courts regularly appoint guardians and conservators to manage the personal and financial affairs of adults, known as wards, who have been found by the court to lack the capacity to do so themselves. Guardians and conservators are fiduciaries who are obligated to act in the best interests of their wards. The indictment alleges that Nancy Williams owned Guardian and Associates, an agency that was appointed as a fiduciary by the Wayne County Probate Court for incapacitated wards in over 1,000 cases.  ... Avery Bradley is an attorney, who, along with his daughter (and fellow attorney) Andrea Bradley-Baskin, operated a law firm that often represented Guardian and Associates in Wayne County Probate Court and otherwise practiced regularly in that court. Bradley-Baskin is currently a district judge on Michigan’s 36th District Court. Dwight Rashad operated a series of group homes and residential facilities for elderly individuals, including wards, who needed support and care. - They also claim Williams paid Rashad rent for wards who never lived in his facilities. Lawyers for Bradley-Baskin have not responded to requests for comment. The case is being investigated by the FBI and IRS Criminal Investigation. "We respect the authority that covers a black robe. This state judge and her cronies allegedly abused that high honor for personal gain by preying on the needy protected by the court," said U.S. Attorney Jerome Gorgon in a statement. "This would be a grievous abuse of our public trust." FBI Detroit Field Office chief Jennifer Runyan said, “Regardless of a person’s position in society, no one is above the law,” and accused the defendants of exploiting their authority to profit from vulnerable people. Mon, 02/02/2026 - 15:45