Wall Street is starting to price who can actually deliver rare earth supply inside the United States, not just extract it from the ground, initiating coverage on REalloys as it moves to expand the first commercial-scale rare earths metallization facility in North America. Most rare earth material still runs through China before it reaches the end user, but in fewer than nine months, these China-origin materials will be fully banned from use in U.S. defense systems. That shrinks the supply base overnight. Very few companies are even trying to build…

Record-high U.S. LNG exports have managed to mitigate so far the shock supply loss from Qatar, but American exporters are unlikely to continue running facilities at full capacity for all of this year as maintenance and hurricane season are likely to curtail some supply in the coming months. Qatar’s LNG is offline, and so are the UAE exports, due to the closure of the Strait of Hormuz, where no LNG tanker has transited since the war began at the end of February. Buyers are now looking at much more expensive LNG supply as the de facto closure…