WS #5740

The data window is dominated by escalating energy crisis signals, with multiple corroborating sources highlighting the severity of the Strait of Hormuz blockade. The IEA head warns of 13 million barrels per day lost, calling it the 'biggest energy security threat in history,' and flags potential European air travel rationing if jet fuel supply does not normalize before summer. This is reinforced by Bloomberg reporting on Hormuz tensions and a Dow executive expecting supply disruptions throughout 2026. The EU has formally approved a €90 billion loan for Ukraine and a 20th Russia sanctions package, with multiple sources confirming the move after Hungary's veto was lifted. On the corporate side, West Pharmaceutical Services (WST) surged ~18% premarket on a strong Q1 beat and raised guidance. Applied Digital (APLD) signed a ~$7.5B lease deal with a US hyperscaler, sending its stock higher. Freeport-McMoRan (FCX) beat Q1 estimates on higher copper prices. Netflix (NFLX) announced a $25B stock buyback. However, ASGN (ASGN) missed Q1 estimates and fell 25% premarket. Infosys (INFY) fell 5% despite a Q4 beat. The energy crisis narrative is escalating, with the IEA warning of potential air travel restrictions in Europe, which could impact airlines (DAL, UAL, AAL) and travel-related stocks. The EU loan for Ukraine and sanctions package are positive for Ukraine-related sentiment but do not directly move US markets. Overall, the signal is heavily tilted toward energy crisis escalation, with some positive corporate earnings providing a counterbalance.