Muhlenkamp Quarterly Market Commentary – April 2026
U.S. and Israeli forces resumed combat against Iran in late February, prompting Tehran to close the Strait of Hormuz and launch missile strikes on Gulf energy infrastructure. The conflict lifted crude oil to about $102 per barrel, boosted the DXY to 100, and pushed 10‑year Treasury yields to 4.44%, while equities slipped roughly 4% and gold fell 13.5% from its January peak. Meanwhile, U.S. real GDP slowed in Q4 2025, unemployment held at 4.3%, and the manufacturing PMI returned to expansionary territory. Muhlenkamp & Co. responded by taking profits, increasing cash, and adding overseas exposure, betting on a future dollar weakening.
Bangladesh Eyes Energy Sector Overhaul as Iran War Drags On
Bangladesh’s government announced a sweeping overhaul of its energy sector to mitigate risks from the ongoing Iran‑Russia conflict. Economic adviser Rashed Al Mahmud Titumir stressed that while the war strains regional fuel markets, the country has avoided a nationwide supply collapse....
China Raises Fuel Prices Again as Xi Hails Resilient Energy System
China announced its sixth gasoline price increase of 2026, raising retail rates by up to 4.5% while deliberately limiting the hike to curb inflation. The adjustment reflects sustained high global crude prices and a policy choice to keep consumer fuel...
California Legislature Considers VPPs and Solar-Charged Battery Compensation
California lawmakers advanced two bills aimed at unlocking distributed energy resources. Senate Bill 913 would let solar‑charged batteries, EV chargers and heat pumps receive credit for electricity exported to the grid, enabling virtual power plants to participate in the state’s...
'All Roads' Lead to Higher Prices: IMF Chief Sounds Dire Warning on Iran
IMF Managing Director Kristalina Georgieva warned that the Iran‑driven closure of the Strait of Hormuz has slashed global oil supply by roughly 13%, igniting a new wave of higher prices and slower growth. The shock is spilling into downstream markets...
New York Can’t Afford to Wait: We Need Modern Meter Socket Adapter Rules Now
New York’s Public Service Commission is reviewing rules for Meter Socket Adapters (MSAs), devices that let homeowners install solar, batteries, or EV chargers at a fraction of traditional costs. Industry groups argue the utilities’ draft proposals impose year‑long testing, vague...
Pennsylvania DEP Seeks Potential Fast-Track Storage, Generation Projects
The Pennsylvania Department of Environmental Protection (DEP) issued a request for information seeking large‑scale generation or storage projects eligible for PJM Interconnection’s proposed Expedited Interconnection Track. The fast‑track would consider up to ten 250 MW‑plus projects a year, with a ten‑month...
April 7 Business Watch: Iran War Hits Persian Gulf Facilities; Trump Throws Tariffs on Pharma
War in Iran escalated this week as drones struck petrochemical facilities in the United Arab Emirates and Kuwait, and an Israeli airstrike hit Iran's Mahshahr complex, forcing Borouge to suspend its 5 million‑tonne polyethylene and polypropylene output. The attacks have choked...
PowerBank Announces $1.1M in New Funding for New York Community Solar Project
PowerBank secured more than $1.1 million from NYSERDA’s NY‑Sun program for its 7.1 MW Jordan Rd 2 community solar project, a brownfield redevelopment in Skaneateles, New York. The project also qualifies for a $1.58 million Inclusive Community Solar adder, requiring at least 40% of...
ABB Manufacturing Facility in SC to Meet 80% of Electricity Needs with On-Site Solar
ABB’s 47‑year‑old electrification service plant in Florence, South Carolina, now sources about 80% of its electricity from a new on‑site 840‑kW solar array. The facility also achieved over 90% waste diversion through a waste‑to‑energy program and implements ABB Ability Nsight...
How Serious Will the Jet Fuel Crisis in Europe Become?
Jet fuel prices have jumped 95% since the February attacks on Iran, as the closure of the Strait of Hormuz cut roughly 20% of global seaborne jet‑fuel supply. European airports are already imposing restrictions, and airlines such as SAS have...
Taiwan Joins Others in Asia Restarting Coal-Fired Units Due to Iran War
Taiwan Power Co. will restart two coal‑fired units at the Mailiao plant, delivering roughly 1 GW of capacity for at least three months starting in May. The move responds to heightened electricity demand and recent disruptions to LNG supplies caused by...
Iranian Hackers Launching Disruptive Attacks at U.S. Energy, Water Targets, Feds Warn
U.S. federal agencies have issued a joint alert that Iranian‑affiliated advanced persistent threat actors are exploiting internet‑facing operational technology, specifically programmable logic controllers (PLCs) from Rockwell Automation/Allen‑Bradley. The attacks have disrupted PLC functions across energy, water, and government sectors, manipulating...
EIA: Brent Crude to Reach $115/Bbl in Second-Quarter 2026
The U.S. Energy Information Administration projects Brent crude will climb to about $115 per barrel in the second quarter of 2026, up from a March average of $103. The rise reflects a sharp tightening in supply as Gulf producers curtail...
Trump Is Losing The War On EVs As New Incentives Kick In
The removal of the $7,500 federal EV tax credit last September has depressed U.S. electric‑vehicle sales, prompting private players to fill the gap. Uber broadened its $4,000 Go Electric incentive nationwide, while Honda introduced a $7,500 discount on the Prologue...
Iran War: Russia and China Veto UN Resolution to Reopen Strait of Hormuz
Russia and China vetoed a UN Security Council resolution aimed at reopening the Strait of Hormuz, after the draft was watered down to avoid their opposition. The vote was 11‑2, with Pakistan and Colombia abstaining, following President Trump’s threat to...
Congresswoman Concerned About Lack of Communication on E15 Negotiations
Congresswoman Nikki Budzinski, a member of the House Agriculture Committee, warned that Democrats have been shut out of ongoing negotiations over a nationwide, year‑round E15 ethanol blend. The Rural Domestic Energy Council has missed its self‑imposed deadline to move legislation...
Oil Prices Rise Ahead of Trump's Deadline to Reopen Hormuz
Oil prices surged on April 7 as President Donald Trump set a final deadline for Iran to reopen the Strait of Hormuz, pushing U.S. WTI up 3.9% to $116.83 a barrel and Brent to $110.55. The heightened geopolitical risk dragged the...
Why Energy Has Become a Foreign-Policy Weapon
The article argues that energy has re‑emerged as a potent foreign‑policy weapon, highlighted by Iran’s blockade of the Strait of Hormuz which removes roughly 10 million barrels of oil and 20% of global LNG capacity from the market. Prices have surged—oil...
New York Surpasses 2025 Energy Storage Target
New York has deployed, contracted, or awarded 1,952 MW of energy‑storage capacity as of March 2026, exceeding its 2025 benchmark of 1,500 MW by 30 percent. The state is now about one‑third of the way to its 6 GW target for 2030, driven...
European Central Bank Official: 'Fossil Fuel Dependence Poses Risks to Price Stability'
ECB board member Frank Elderson warned that Europe’s dependence on oil, gas and coal heightens inflation risks and complicates the central bank’s price‑stability mandate. He argued that volatile energy markets, amplified by geopolitical tensions such as the Iran and Ukraine...
Temperature Rise Characteristics of UHV AC Composite Insulators Under Type Fault Conditions
Researchers at the UHVAC Test Laboratory evaluated temperature rise in ultra‑high‑voltage AC composite insulators under several fault scenarios. Tests in a climate chamber showed that grading‑ring misalignment, reduced insertion depth, or complete absence significantly increase temperatures, with the greatest rise...
$12.5B Commonwealth LNG Terminal Achieves Full Commercialization, Heads Toward Construction
The $12.5 billion Commonwealth LNG export terminal in Cameron Parish, Louisiana, has reached full commercialization, clearing a major financing hurdle and moving toward a Final Investment Decision. Phase 1 will deliver up to 9.5 million tonnes per year of LNG capacity and is...
Energy Storage Pricing Beginning to ‘Fracture’ by Product Type: Report
Anza Renewables reports a widening price gap between U.S. utility‑scale and distribution‑scale energy storage in Q1 2026, with utility‑scale costs dropping up to 20.9% while distribution‑scale prices remain flat around $203/kWh (AC) and $175/kWh (DC). The United States installed a...
Hassett Has Stark Message for Investors Watching Gas Prices
Kevin Hassett, director of the National Economic Council, warned that the U.S. campaign against Iran will keep gasoline prices elevated, contradicting administration statements that the spike is temporary. The Energy Information Administration now projects average retail gasoline above $3 per...
More than a Pretty Picture, Star-Shaped Nanomaterial Changes Energy Storage
University at Buffalo scientists synthesized the first star‑shaped vanadyl hydroxide (VOOH) nanomaterial, converting its electrochemical profile from a bulk‑like battery to a surface‑dominant pseudocapacitor. The transformation occurs over 84 hours as flat sheets evolve into rods and finally six‑armed stars, dramatically...
Chevron Quietly Makes Move on Key Gas Operation Off Israel
Chevron has resumed natural gas production at Israel's offshore Leviathan field after a 33‑day shutdown triggered by the Iran conflict. The restart came with regulatory clearance and coincided with the completion of a third gathering pipeline, boosting the field’s capacity...
Microsoft Inks Bioenergy CDR Deal with Indigenous-Owned Project
Microsoft has signed a 15‑year agreement to buy 626,000 metric tons of carbon‑removal credits from the North Star BECCS project in Saskatchewan. The project, majority‑owned by the Meadow Lake Tribal Council, will use sustainable forestry, convert waste to energy, and...
EPA To Allow Gas Stations To Dilute Your Gas More… Will It Save You Money or Cost You?
The EPA issued a temporary waiver starting May 1 that lifts the summer ban on 15‑percent ethanol gasoline (E15), aiming to curb rising pump prices amid geopolitical pressure. By expanding the domestic ethanol supply, regulators expect a modest 10‑30 cent per‑gallon...
Middle East Crisis Shows Need to Decarbonise, Says ECB's Elderson
Jeffrey Sherman on Oil, Deficits and the Private Credit Liquidity Trap | Bloomberg
Jeffrey Sherman, DoubleLine’s deputy CIO, warned that rising oil prices and energy‑sector infrastructure damage could sustain inflation longer than markets expect, pressuring global growth. He argued that higher energy costs function as a de‑facto monetary tightening, reducing the likelihood of...
Jet Fuel Supply Concerns Grow as War with Iran Drags on, Airlines Cut Flights
Jet fuel prices in the United States have nearly doubled since late February, driven by the U.S.-Israel attack on Iran and the resulting closure of the Strait of Hormuz. The spike is forcing major carriers such as Lufthansa, United and...
Oil Shock Sorts Cruise Lines Into the Hedged and Hedged Nots
A sudden spike in global oil prices has added roughly $1.2 billion in fuel costs to the cruise industry. Companies that locked in fuel prices through hedging contracts are largely insulated, preserving operating margins, while those without hedges face earnings pressure...
Federal Permitting Delays in the US Could Drive Cost of Renewable Energy Deployment up by 10%
Federal permitting bottlenecks stalled roughly 11 GW of new solar and wind projects in the United States over the past year, inflating development costs by up to 10%. A Crux survey of 50 developers found 94% experienced at least a one‑month...
Federal Court Upholds Ioneer’s Rhyolite Ridge Lithium Mine Permit, Clearing Path to Construction
A federal judge in Nevada upheld the Bureau of Land Management’s permit for ioneer’s Rhyolite Ridge Lithium‑Boron Project, rejecting a lawsuit that claimed the mine would endanger the rare Tiehm’s buckwheat. The ruling found the agencies complied with the Endangered...
Wholesale Solar Panels: How to Buy Smart at Scale
Buying solar panels wholesale dramatically reduces per‑watt costs, often 35‑40% lower than retail, while shortening lead times to a few days. Reliable distributors source Tier‑1 modules, maintain U.S. inventory, and offer flexible Net‑30/60 payment terms that protect installer cash flow....
$1.25 Billion Jordan Shale Power Plant Project Advances as Energy Security Strategy Gains Momentum
Jordan’s government is evaluating a $1.25 billion oil‑shale power plant that could deliver several hundred megawatts of baseload electricity. The project remains in feasibility and financing studies, with public‑private partnerships, export‑credit and multilateral support being explored. Officials are assessing plant capacity,...
Eskom Granted Two More Days to Land High Stakes Power Deal
Glencore-Merafe Chrome Venture has agreed to extend Eskom’s deadline for a new five‑year power tariff to 9 April 2026, marking the fifth postponement of the deal. The proposed tariff of 62 cents per kilowatt‑hour, a steep discount from an earlier 87 cents, is intended...
Electrovaya Secures $5m of Funding From US DOE to Test Use of Energy Storage Systems in a Data Center Environment
Canadian lithium‑ion battery maker Electrovaya received a $5 million grant from the U.S. Department of Energy’s Critical Facility Energy Resilience program to test a 1.2 MWh battery energy storage system at Binghamton University’s data‑center testbed. The Infinity BESS, housed in a 20‑foot...
Crude Prices Soar as Iran War Looks to Escalate
Crude prices jumped 3.7% on April 7, with WTI May futures hitting a four‑week high as the Iran‑Israel‑U.S. conflict threatens to close the Strait of Hormuz. The New York Times reported Iran ended talks with Washington, while U.S. strikes on Kharg Island and...
Why Oil Markets Could Be Wildly Wrong on Strait of Hormuz
The article argues that oil markets may be overstating the impact of the Strait of Hormuz disruption, suggesting that while flows have been curtailed, they are not entirely halted. Analysts note that Iran is likely regulating traffic rather than enforcing...
From ‘Nice to Have’ to Business Critical: The TCO Case for Private 5G in Oil and Gas
Oil and gas operators are moving from legacy TETRA, Wi‑Fi and SCADA networks to private 5G as assets become more distributed and data‑intensive. The article argues that a total‑cost‑of‑ownership (TCO) lens reveals private 5G’s ability to cut unplanned outages, consolidate...
Pressure Mounts on BP over Move to Retire Legacy Climate Proposals
BP announced it will retire a set of legacy climate‑related shareholder proposals, including the Follow This initiative, as part of a broader governance review. Proxy adviser Glass Lewis and a coalition of prominent UK investors have publicly opposed the move,...
SFDR Fossil Fuel Exclusions Split Investors Amid Transition and Energy Security Fears
The EU’s Sustainable Finance Disclosure Regulation (SFDR) is under review as fossil‑fuel exclusion criteria become a flash‑point among asset managers. A public consultation seeks to overhaul the rule, sparking a split between investors prioritising climate transition and those wary of...
The Road to De-Escalation With Iran
The closure of the Strait of Hormuz is driving sharp increases in oil, liquefied natural gas, fertilizer and LPG prices worldwide. These spikes are inflating costs for cash‑strapped governments and jeopardizing food security in key agricultural regions. Analysts argue that...
Trump Breathes New Life Into Old Green Hydrogen Dreams
President Donald Trump’s war in Iran is reshaping global fuel strategies, prompting Japan to accelerate its green hydrogen agenda. Tokyo has teamed with New Zealand to launch a hydrogen corridor that will power a freight route between Fukushima and Fukuoka, targeting...
PPC Group Completes Construction at 2.1GW Greek Solar PV Portfolio
Greek utility PPC Group has finished building a 2.13 GW solar photovoltaic portfolio across former lignite mines in northern Greece, branding it as Europe’s largest PV cluster. The 14‑project complex, highlighted by the 550 MW Phoebe plant and the 940 MW Amyntaio complex...
Are Manure Digesters a Real Solution to Dairy Farm Emissions?
Governments are subsidizing anaerobic digesters that turn cow manure into biogas, a technology that can slash methane emissions from dairy operations by up to 70%. Proponents argue the systems are among the most effective livestock‑focused climate tools, while critics warn...
800 MW/1.5 GWh Dinawan Solar Farm and Battery Storage Project in Australia Secures Approval, Bids to Reduce NSW Reliance on...
Spark Renewables secured final state approval for the Dinawan hybrid project in New South Wales, pairing an 800 MW solar farm with a 356 MW/1,574 MWh battery energy storage system. The AUD 1.35 billion development sits in the South West Renewable Energy Zone and links to...
Oil Prices Reach Low Boil Ahead Of Strait Of Hormuz End Game
Crude oil prices climbed to $115.79 a barrel, the highest level since the Iran‑Israel conflict began, as the U.S. deadline for Tehran to relinquish control of the Strait of Hormuz approaches. The S&P 500 slipped 0.9% amid fears that a further...