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• New Fortress Teeters on Financial Brink After Missed Debt Payment
  New Fortress Energy is under acute...

  New Fortress Energy is under acute financial pressure after missing an interest payment on its 12% secured notes due 2029, prompting a forbearance agreement on the 2.7 billion dollar issue and a clear signal that a broader restructuring is on the table. Fitch has downgraded NFE to restricted default, citing the uncured payment miss, delayed 10 Q filing, governance concerns and an aggressive capital structure that leaves leverage projected above 15 times through 2027.

  
  

  Despite monetizing its Jamaica LNG assets for just over 1 billion dollars, NFE remains highly levered, with EBITDA more than 50 percent below Fitch expectations and negative in the prior quarter. The company faces about 900 million dollars in annual interest costs over the next three years and has effectively exhausted its revolving credit capacity. With only about 551 million dollars of unrestricted cash as of mid 2025 and likely less today, Fitch sees a very narrow runway for NFE to repair its balance sheet without further asset sales or significantly improved contract economics, particularly in Puerto Rico.

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• US LNG Exports Reach 17.7 Bcf/d; Will Hit 20 Bcf/d Soon
  U.S. LNG exports are climbing sharply...

  U.S. LNG exports are climbing sharply as new capacity comes online, with feedgas flows reaching 17.7 Bcf/d and poised to approach 20 Bcf/d in the near term. Venture Global’s Plaquemines facility, which started up in late December, has quickly ramped to about 3.9 Bcf/d, making it second only to Cheniere’s Sabine Pass at 5 Bcf/d. Corpus Christi and Sempra’s Cameron-area plant are each moving just over 2 Bcf/d, while Venture Global’s second facility near Lake Charles and Freeport LNG are close behind.

  
  

  East Coast plants at Cove Point and Elba Island collectively shipped 1.25 Bcf/d, underscoring broad-based utilization across the U.S. Gulf and Atlantic coasts. The next leg of growth hinges on ExxonMobil’s Golden Pass project, expected online before year's end and ultimately adding about 2.5 Bcf/d, alongside a nearing expansion at Cheniere’s Corpus Christi complex. Together, these projects cement the U.S. position as the leading marginal LNG supplier.

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• ☕️What Else is Brewing Friday Morning
  UPS plane in deadly crash had engine-mount “fatigue cracks,”...
  UPS plane in deadly crash had engine-mount “fatigue cracks,” report finds. A preliminary report by federal investigators into the UPS cargo jet crash that killed 14 people in Kentucky this month found evidence of “fatigue cracks” in the plane’s mount that connected its left engine to the wing. The aircraft, which was fully loaded with fuel for a flight to Hawaii, crashed seconds after takeoff, according to video footage. Its engine was on fire and detached before the plane hit the ground. Per the Wall Street Journal, investigators stopped short of blaming the crash on the fatigue cracks and aren’t expected to release a conclusion until a year after the incident. The plane’s engine mount was last inspected in 2021.
  
  Former Presidents Joe Biden and George W. Bush attended the funeral of former VP Dick Cheney yesterday, while President Trump and Vice President Vance were not invited.
  
  Starbucks workers are expanding their strike to 95 stores across 65 cities, the Workers United union said, as they demand higher wages from the coffee giant.
  
  JetBlue is adding flights to Milan and Barcelona, joining other airlines in courting wealthy travelers, CNBC reported.
  
  Topgolf was sold to a private equity firm in a deal valuing the driving-range company at $1.1 billion.
  
  Amtrak set a ridership record for the second year in a row, with 34.5 million passenger trips—a 5% bump from the previous fiscal year.
  
  The CDC updated its website to say that vaccines can cause autism, breaking with the medical consensus to echo Health Secretary Robert F. Kennedy Jr.’s vaccine skepticism.
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• DAILY OIL PRICE: November 20, 2025
  Crude Oil: 59.14   (-0.30)....
  
  
  • Crude Oil: 59.14   (-0.30).
  
  
  • Nymex MTD AVG: 59.9850.
  
  
  • Natural Gas: 4.474   (-0.076).
  
  
  • Gasoline: 1.9184   (-0.0137).
  
  
  • Spreads: December/January (+0.14)     January/February (+0.31).
  
  
  • Plains WTI Posting: 55.62   (-0.30).
  
  

  
  Source: Odessa American
  
  
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• U.S stocks close lower after significant market reversal as tech selloff deepens
  Market...

  Market Overview: The Dow Jones Industrial Average fell CNBC 386.51 points, or 0.84%, to settle at 45,752.26, after rallying more than 700 points at session highs. The S&P 500 shed 1.56% to end the day at 6,538.76, despite rising as much as 1.9% earlier in the day. The Nasdaq Composite fell 2.16% to finish at 22,078.05, down from a 2.6% advance at one point in the session.

  
  

  Dramatic Intraday Reversal: The session saw one of the most volatile trading days of the year, with the Dow registering an intraday swing of over 1,100 points. TS2 Markets opened sharply higher following strong Nvidia earnings but reversed completely by the close.

  
  

  Key Highlights:

  
  Nvidia Earnings: Despite reporting record quarterly revenue of $57 billion (up 62% year-over-year) and beating expectations with strong guidance, Nvidia tumbled 3% as questions lingered about valuations and hefty investments despite an upbeat outlook. Bloomberg
  
  Jobs Report: The September jobs report, delayed by the shutdown, showed higher jobs growth of 119,000 while unemployment ticked up Charles Schwab to 4.4% from 4.3%.
  
  Crypto Collapse: Bitcoin sank below $87,000 for the first time since April. Bloomberg Crypto-related stocks like Robinhood and Coinbase fell around 9% and 7% respectively.
  
  Retail Bright Spot: Walmart gained more than 1% on better-than-expected results for the third quarter, earning an adjusted 62 cents per share on revenue of $179.5 billion. CNBC
  
  Fed Concerns: Investors lost confidence that the Federal Reserve would cut rates again in December, contributing to the selloff.
  

  Market Technicals: Goldman Sachs estimates that after the S&P 500 slipped below a key level around 6,725, rules-based funds could dump $40 billion or more in global equities over the coming days, potentially rising toward $65 billion if losses deepen. TS2

  
  

  The session highlighted increased volatility and a risk-off sentiment across speculative assets, despite strong corporate earnings from key technology companies.

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