Weather Conditions and Warnings - Red flags are flying along the Maryland Eastern Shore through Delaware, the Jersey Shore, and Long Island, indicating hazardous conditions [1] - Coastal flood warnings are in effect for much of the Jersey Shore and the south shore of Long Island, with the possibility of 1 to 3 feet of inundation in normally dry areas [3][4] - Wave conditions are expected to persist through the night and into the next day, making it unsafe to enter the water [3] Impacted Locations and Restrictions - Swimming will be restricted in areas from Atlantic City down through Cape May and Wildwood, as well as Jones Beach, Robert Moses, and Montauk [6] - Popular vacation destinations along the Jersey coast are expected to be impacted [5] Water Temperatures and Hurricane Activity - Beach water temperatures have been in the middle to upper 70s (degrees Fahrenheit) over the past week, with the Jersey Shore currently at 75 degrees (degrees Fahrenheit) [8] - A hurricane thrives on 85 to 90 degree (degrees Fahrenheit) water [7] - There is a 70% chance of a storm developing into Fernand near the northern Leeward Islands, and two other potential storms are developing in the Atlantic [8][9] - The current hurricane season is expected to be busier than normal [9]

Refiners Investment Strategy - The company is increasing exposure to refiners due to a seasonally strong period and the outperformance of reformulated gasoline and heating oil relative to crude oil [1][2] - Investment is spread across three refiner names: Phillips (PSX), Marathon Petroleum (MPC), and Valero (VLOO) to avoid isolating risk to a single company [3] Market Performance - Crude oil is down 5% year-to-date, while reformulated gasoline and heating oil prices are higher [2] - Baker Hughes' target price was raised by Morgan Stanley by $10, from $45 to $55 [3] - Baker Hughes is up 11% year-to-date [3] Baker Hughes' Strategy - Baker Hughes made an acquisition with Chart Industries to increase exposure to data centers and LNG [4] - Baker Hughes is diversifying away from oil and moving towards electricity [4]

FEMA Response Concerns - Democratic lawmakers are raising concerns about the federal response to the Texas flooding, questioning the impact of administration cuts to FEMA and the National Weather Service [1] - The response in Texas is criticized, with claims that FEMA didn't show up with swift water rescue crews for 72 hours, a deviation from past practices [4] - There are reports of over 20% of FEMA's workforce being forced out, and key positions, like the Florida regional administrator, remaining empty [5] FEMA Reform and Current State - FEMA needed reform to be faster, but the current administration broke it, potentially intentionally, by appointing an interim administrator with zero emergency management experience [7][8] - The changes have made FEMA slower and less efficient, potentially costing lives and disproportionately hurting red states that rely on FEMA for disaster relief [9] - The reimbursement process has slowed down, impacting cities' and counties' ability to make decisions and clean up after disasters [9][10] Congressional Action and Hurricane Season Preparedness - Congress could have done more in the past eight months to address the issues at FEMA, but the damage has already been done [13] - Members of Congress from states like Louisiana should push the White House to get FEMA ready, expedite declarations, and preposition resources [14][15] - FEMA needs to revert to its established playbook for hurricane season, and members of Congress should speak up publicly about the need for preparedness [15][16]

Immigration & Protests - Protests against immigration raids are spreading across the country, with at least two dozen rallies and demonstrations since Monday [4] - Los Angeles Mayor Karen Bass implemented a curfew for one square mile of downtown LA due to protests [2][6] - California Governor Gavin Newsom criticized President Trump's deployment of National Guard members and Marines to Los Angeles [2][8] - White House Border Czar Tom Homan stated that protests are making immigration raids more difficult but will continue [12] - President Trump defended his crackdown on protesters in LA, stating they hate the country and will be met with heavy force [17] Political Response - Governor Newsom blames President Trump for escalating the protests [8] - President Trump accuses protesters of carrying out a foreign invasion [17] - A New Jersey congresswoman was indicted on federal charges for allegedly interfering with law enforcement officers outside an ICE facility [28][29][30] Military & Security - The deployment of National Guard members and Marines to Los Angeles is estimated to cost over $130 million, sourced from the Pentagon budget [22] - A military parade in Washington, D C, is planned, estimated to cost around $45 million, including $16 million for road repairs [18][24][25] - A bomb threat grounded a Spirit Airlines flight in Detroit; the suspect was arrested and charged [32][33][34] Weather & Forecasting - A meteorologist warned that federal budget cuts could hurt forecasting, endangering lives [40] - The National Weather Service is reportedly down almost 600 workers after layoffs and buyouts [43] - Heavy rain and potential flooding are expected in the Southern Plains, impacting 8 million people [47][48]