TotalEnergies is spending $6B for a 50% stake in Western European gas-fired and battery power assets—just as reports surfaced of them considering selling Asia-based renewables. This could be the start of a pivot for European oil majors, moving away from renewables and back into conventional power generation. Meanwhile, Chevron is eyeing Russian assets, and majors like ExxonMobil are scaling down in Europe’s petchem sector. On the macro side, Goldman Sachs just lowered its 2026 oil price forecast; Russian crude is piling up at sea, and the lithium market is surging on demand predictions. US EV sales took a sharp hit as federal tax credits ended, and Indonesia may backtrack on its coal phaseout due to funding gaps.