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A Winter Energy Shock Could Become a Margin Call
A winter price shock can demand cash before a hedge’s physical offset pays out. PN examines October gas inventories, clearing terms, and a worked producer example to trace how variation margin, collateral, and financing deadlines can transmit energy stress.
Published Nov 1, 2026
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Who Actually Gets the Tariff Refund?
Tariff refunds can pass through importers to claim buyers, vendors, and employees. PN follows the cash and accounting in three company disclosures to test how much new operating relief the refund cycle creates.
Published Oct 31, 2026