One in seven new cars sold in the U.K. is paid for through a disability benefit, per the WSJ. The scheme lets people swap part of their disability payments for a brand-new car every three years. Among those who got new cars last year, by primary medical condition, according to government figures: Tennis elbow: 40 Wheat intolerance: 50 Dyslexia: 320 The program now has about 815,000 customers, up roughly 200,000 in two years.

🚨Qatar, sitting on the world's largest gas field, just signed up to buy big volumes of American #LNG through 2054. Let that sink in. To paraphrase Ronald Reagan's 1984 campaign ad, It's Morning in America's LNG Industry. Key points: • Cheniere signed deals to supply @QatarEnergyLNG with up to 4 million tonnes a year from #SabinePass in Louisiana and Corpus Christi in Texas. Deliveries start in 2031. • Reuters reports Qatar is also in advanced talks with @Venture_Global for at least 3 million more tonnes a year. • Why? With #Hormuz largely blocked and Ras Laffan damaged, the world's #2 LNG exporter is buying a hedge on the U.S. Gulf Coast. • The price gap is enormous. Asian spot LNG hit $29.30/MMBtu last week, while Henry Hub sits around $2.84. That's roughly 10 to 1. • U.S. LNG feedgas demand topped a record 20 Bcf/d on Oct. 19 as Golden Pass ramps up. • And the fear that exports would drive up U.S. prices? It was never anything more than a leftwing talking point. Not happening. Storage is 35 Bcf above the five-year average, and Henry Hub is under $3. The lesson here is simple: when even your competitors sign 20-plus-year contracts for your product, the debate is over. American #naturalgas isn't a short-lived "bridge fuel." It's the backbone of global energy security, and the world's buyers are voting with their checkbooks. There is no #energytransition. There is #energyaddition, and American gas is leading it. [Full breakdown in today's Energy Additions – Link in the next post.]

The macro repricing of energy is now underway. Check out today's move in long dated oil - that's calendar 2027 WTI. When long dated oil moves this strongly in tandem with energy equities making new ATHs, financial markets need to listen. This is not a transient spike in prompt oil. It's far more structural. Get long, buckle your seat belt, and hang on for the ride.