Mark Romaine, Chief Operating Officer of Global Partners LP (GLP 3.81%), reported the direct sale of 15,611 common units across multiple transactions between March 16 and March 18, 2026, as disclosed in a SEC Form 4 filing. Transaction summaryMetricValueUnits sold (direct)15,611Transaction value~$740,000Post-transaction units (direct)146,874Post-transaction value (direct ownership)~$7.04 millionTransaction value based on SEC Form 4 weighted average purchase price ($47.38); post-transaction value is based on ...

March 19, 2026 08:30 PM GMT Asia Economics | Asia Pacific M Foundation Oil and related commodities – exposure guide Over the past two weeks, we have covered different facets of macro implications from geopolitical developments. In this comprehensive slide deck, we have refreshed and aggregated the analysis, bringing it to you all in one place. Morgan Stanley Asia Limited Chetan Ahya Chief Asia Economist Chetan.Ahya@morganstanley.com +852 2239-7812 Morgan Stanley Asia (Singapore) Pte. Derrick Y Kam Asia Econ ...

Oil Market Insights - Oil prices are currently around $97 per barrel, experiencing fluctuations due to geopolitical tensions, particularly the recent strike on Car Island in Iran, a key export facility responsible for about 90% of the country's oil exports [1][2]. - Despite the strike, the market has not seen an immediate halt in oil exports, as inventory was already on tankers before the conflict escalated [2][3]. - There is cautious optimism that the conflict may remain contained, with some countries working directly with Iran to secure safe passage through the Strait of Hormuz, potentially allowing for continued oil flow [4][5][7]. Dollar Tree Earnings Report - Dollar Tree reported a revenue of $5.45 billion for the most recent quarter, slightly missing Wall Street's expectations of $5.46 billion, while adjusted earnings per share exceeded expectations at $2.56 compared to the anticipated $2.52 [27][28]. - The company provided a cautious outlook, guiding comparable store sales growth between 3% to 4% and adjusted earnings per share for the next quarter at $1.55, which is considered light by analysts [28][29]. - Shares of Dollar Tree are down approximately 3% due to the weak guidance, reflecting broader concerns about consumer spending amid rising living costs and macroeconomic uncertainty [30][29]. Cryptocurrency Market Trends - Bitcoin is experiencing upward movement, currently trading above $73,000 and approaching $74,000, with a key resistance level at $75,000 [31][32]. - The recent consolidation in Bitcoin prices may indicate a potential for further gains if it can break through the resistance level, with a target of around $90,000 [32]. - Geopolitical risks are contributing to a favorable environment for cryptocurrencies, as they may serve as a method for moving funds amid ongoing conflicts [33].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Asia Pacific energy sector, particularly the impact of geopolitical tensions on supply disruptions in oil, LNG, fertilizers, and propane [2][8]. Energy Consumption Insights - Oil and gas constitute 36% of Asia's primary energy consumption, with approximately 25% of this consumption met by imports [2]. - The share of energy consumption met by imports varies significantly across countries, with China at 20%, India at 36%, Japan at 87%, Korea at 85%, and Taiwan at 97% [5]. Supply Disruption Risks - Geopolitical tensions pose risks of supply disruptions in specific sectors, notably oil, LNG, fertilizers, and propane [8]. - Countries like Thailand, India, Korea, and Taiwan are particularly exposed to higher oil prices, with 40-50% of India and China's oil requirements sourced from the Straits of Hormuz [9]. Inventory and Reserves - Asian economies maintain at least one month of crude oil inventory, with Japan having the highest at 242 days, followed by South Korea at 210 days [11]. - LNG inventory coverage is limited in most Asian economies, with India, Taiwan, and Singapore having the fewest days of inventory at 6, 10, and 10 days respectively [19]. Long-term Contracts and Spot Market Exposure - Economies with long-term LNG contracts may secure up to 20% more supply, mitigating the impact of spot market volatility [20]. - Thailand, India, and Taiwan are identified as the most exposed to spot LNG prices, while Malaysia and Indonesia are less affected due to their utility structures [20]. Fertilizer and Propane Dependence - India, Thailand, the Philippines, and Australia show higher exposure to fertilizer imports from the Middle East, with lower inventory levels noted for the Philippines and Thailand [21]. - Propane imports are significant for India and Indonesia, with inventory levels below one month [25]. Transportation Costs - Energy transportation costs have risen significantly, with the Baltic Exchange Clean Tanker Index increasing by 83% since February 27, and the Dirty Tanker Index rising by 55% [30][32]. Conclusion - The report highlights the vulnerabilities of Asian economies to geopolitical tensions affecting energy supply, emphasizing the need for strategic inventory management and diversification of energy sources to mitigate risks associated with reliance on imports from the Middle East [8][20].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the energy sector, specifically oil, LNG (liquefied natural gas), fertilizers, and propane, highlighting potential supply disruptions due to geopolitical tensions in the Asia Pacific region [1][8][10]. Core Insights and Arguments - **Supply Disruptions**: Geopolitical tensions are likely to disrupt supply chains in oil, LNG, fertilizers, and propane, which may lead to increased transportation costs and affect production and exports from Asia. The duration of these tensions will determine the severity of the disruptions [1][8][10]. - **Regional Exposure**: Countries such as India, Thailand, Taiwan, and Korea are identified as being most exposed to potential disruption risks in these sectors [8][15]. - **Oil Reserves**: While oil reserves are relatively high, LNG reserves are lower due to storage challenges. Economies with long-term contracts may be better positioned to secure supplies [8][10][18]. - **Transportation Costs**: Shipping and air-freight costs are rising sharply, which could impact end users if these conditions persist [8][10]. - **Fertilizer Dependence**: India and Thailand are particularly vulnerable to sourcing risks for fertilizers, while Indonesia and China are largely self-sufficient [20][80]. Additional Important Insights - **Mitigating Factors**: - Oil and fuel reserves in Asia Pacific range from 30 to 200 days, providing some buffer against immediate supply disruptions. However, LNG reserves are critically low, with some countries like India having only 5-6 days of inventory [16][57][66]. - Long-term contracts may allow economies to secure additional supplies, mitigating the impact of disruptions [18][66]. - **Sectoral Beneficiaries**: - Refiners such as S-Oil, Reliance, and Indian Oil are expected to benefit from tighter energy markets, as fuel refinery margins continue to rise due to export curbs [21][43]. - Chemical producers outside of China, like Reliance and Siam Cement, may also benefit from higher product prices due to lower propane exports affecting Chinese producers [86]. - **Energy Consumption**: Oil and gas account for 36% of Asia's primary energy consumption, with significant reliance on imports from the Middle East [11][12][22]. Conclusion - The geopolitical landscape poses significant risks to energy supply chains in Asia, particularly for oil, LNG, fertilizers, and propane. Countries with high import dependence and limited reserves are at greater risk, while certain refiners and chemical producers may find opportunities amidst the disruptions. The situation requires close monitoring as the duration of geopolitical tensions will heavily influence the overall impact on production and exports in the region [1][8][15][80].

Core Insights - Ferrellgas Partners, L.P. reported strong financial results for the second fiscal quarter of 2026, driven by effective preparation and adaptability in response to varying weather conditions [2][3]. Financial Highlights - Gross profit increased by $3.0 million, or approximately 1%, compared to the prior-year period [3]. - Average propane prices declined by 21.7% in the second quarter of fiscal 2026 compared to the prior-year period [3]. - Revenue decreased by $28.4 million, or approximately 4%, but was offset by a $31.3 million, or approximately 10%, reduction in cost of product [3]. - Net earnings attributable to the Company rose by $3.3 million, or approximately 3%, to $102.2 million in the second quarter of fiscal 2026 [3]. - Adjusted EBITDA increased by $9.1 million, or approximately 6%, to $166.1 million compared to $157.0 million in the prior year [4]. Operational Highlights - The Company upgraded its supply infrastructure to enhance inventory visibility and predictive analytics, which helped meet elevated customer demand [6]. - Average temperatures in the western half of the country were 16% warmer than normal and 27% warmer than the prior year quarter, impacting demand [6]. - The retail business saw a $7.1 million, or approximately 3%, increase in gross profit, while wholesale performance was softer due to the absence of hurricane-related events [5]. Customer and Sales Performance - Retail teams achieved a 7.2% increase in tank sets across all customer segments, with a 3.4% increase in residential conversion rates [7]. - The Company transitioned 0.9% of its existing Will Call network to Auto Fill delivery, improving route density and efficiency [7]. - The National Sales team secured six new national account customers during the quarter [7]. Community Engagement - The Company donated filled propane tanks during Winter Storm Fern to various charities, supporting communities affected by power outages [9]. Cash Distribution and Unit Conversion - The board declared a cash distribution of $82.32 per Class B Unit, totaling approximately $107.0 million, payable on March 13, 2026 [11]. - The Company plans to convert all 1.3 million outstanding Class B Units into Class A Units shortly after the distribution payment [12].

The war against Iran, which started in earnest over the past weekend, has disrupted oil and gas shipments in the Middle East, constricting supply, and with no clear timetable as to when the war could end (or if there's a plan for a drawdown), markets are spooked about the potential for a prolonged conflict and market hiccups. Specifically, concerns about shipments getting through the Strait of Hormuz—a busy shipping lane for fossil fuel-carrying tankers—have been effectively stopped, and no one knows with a ...

Oil prices are on the rise, hitting an 18-month high as of Tuesday as the conflict between the United States, Israel, and Iran continues. Most Read from Fast Company The war against Iran, which started in earnest over the past weekend, has disrupted oil and gas shipments in the Middle East, constricting supply, and with no clear timetable as to when the war could end (or if there’s a plan for a drawdown), markets are spooked about the potential for a prolonged conflict and market hiccups. Specifically, ...

Core Insights - The Hawaii Supreme Court's decision to deny insurers' motion to intervene in the class settlement process is seen as a significant step towards final court approval of the Maui wildfire tort settlements [1][6] - Hawaiian Electric Industries (HEI) reported a full-year 2025 net income of $123.1 million, a substantial recovery from a net loss of approximately $1.4 billion in 2024 [5][7] - The company is advancing its wildfire safety improvements and settlement processes while planning for increased capital expenditures in the coming years [2][4] Financial Performance - HEI's core net income for 2025 was $149.3 million, compared to $124.3 million in 2024, indicating a positive trend in operational performance [8] - Utility core net income was $177.5 million in 2025, slightly down from $180.7 million in 2024, attributed to higher operational costs [9] - The holding company's core net loss improved to $28.2 million from $56.4 million in 2024, driven by lower interest expenses [10] Settlement and Capital Expenditure Plans - The first $479 million settlement payment is expected in the second half of 2026, contingent on resolving outstanding appeals [6][14] - HEI plans to fund settlement payments through a mix of debt and potentially convertible debt, depending on market conditions [13][14] - The company anticipates utility capital expenditures of $550 million to $700 million in 2026, increasing to $600 million to $850 million by 2028 [4][15] Regulatory and Legislative Developments - HEI is pursuing a performance-based regulation (PBR) framework and plans to submit a joint rebasing proposal by March 6 [16][17] - The company is working on wildfire legislation and has achieved many operational objectives in its three-year wildfire safety strategy ahead of schedule [21][19] - HEI is exploring low-cost financing options for safety and resilience investments, including securitization [22] Renewable Energy and Customer Support - The utility achieved a 37% renewable portfolio standard (RPS) in 2025 and is on track to meet the 40% requirement by 2030 [23] - Customer bills remained stable in 2025, and the utility provided over $1 million in payment assistance to working families [23] Leadership Transition - An executive transition is set to occur with Scott DeGatto resigning as CFO effective April 2, 2026, and Paul Ito taking over the role [24]

Core Insights - The company has executed a disciplined strategy over the years, focusing on portfolio optimization and diversification across various segments, including supply, terminals, wholesale distribution, bunkering, and retail operations [4][6][19] Group 1: Portfolio and Operational Enhancements - The company divested non-strategic retail locations and converted sites to higher value formats to improve portfolio quality and consistency [1] - Management has strengthened its data and analytics infrastructure to enhance operational visibility and decision-making [1] - Strategic investments, including the East Providence Terminal and expansion into Houston, have driven higher volumes and helped mitigate uneven market conditions across segments [6][15] Group 2: Financial Performance - For Q4 2025, adjusted EBITDA was reported at $94.8 million, down from $97.8 million in Q4 2024, while net income increased to $25.1 million from $23.9 million [8][6] - Distributable cash flow (DCF) fell to $38.4 million from $45.7 million, with adjusted DCF also declining [8][6] - The GDSO product margin increased by $17.7 million year over year to $231.3 million, driven by higher fuel margins [10] Group 3: Segment Performance - The GDSO segment saw a fuel margin increase of $0.09 to $0.45 per gallon, reflecting favorable volatility in RBOB prices [10] - Wholesale product margin decreased by $21.5 million to $58.3 million due to less favorable market conditions [12] - The commercial segment's product margin decreased to $6.0 million, attributed to unfavorable market conditions in bunkering [12] Group 4: Capital Expenditures and Financial Outlook - Capital expenditures for Q4 were $38.8 million, with maintenance capex at $22.6 million and expansion capex at $16.2 million [14] - For 2026, the company expects maintenance capex of $60–70 million and expansion capex of $75–85 million [17] - The company has a leverage ratio of 3.59x funded debt to EBITDA, indicating ample excess capacity in credit facilities [16] Group 5: Distribution and Market Conditions - The board approved a quarterly cash distribution of $0.76 per unit, marking the 17th consecutive increase [18] - Early-year cold weather in the Northeast has supported solid wholesale fuel demand, providing a decent tailwind for the company's business [19]