Camp Mystic won't reopen for summer 2026 after withdrawing its license renewal application following the 2025 flood that killed 27 girls.
Why it matters: The announcement Thursday comes as families are still seeking answers on what went wrong and whether camp leaders were sufficiently prepared for the rapid flooding that overtook campers.
Oil prices reached their highest levels overnight since the Iran war began, with Brent crude topping $126 per barrel before pulling back on Thursday morning.
Why it matters: The jump will keep sending U.S. gasoline prices higher — and shows the market reacting to the possibility of a long stalemate that keeps the Strait of Hormuz throttled.
The U.S. is producing so much natural gas that at one hub in West Texas, drillers have to pay customers to take the stuff — or put another way, prices are negative!
Why it matters: It's surprising given that we're in the middle of the worst energy shock in history.
But unlike oil, which trades in a global market, natural gas still mostly trades at the regional level. And the U.S. produces enough to supply itself.
The big picture: The negative price tag is an indication of just how well-positioned the U.S. is when it comes to coping with the energy shock of the Iran war — particularly in the natural gas market.
The natural gas bounty not only insulates the U.S. from the war shock but actually creates an economic tailwind, Bloomberg reports.
"Cheap supplies of gas — a key manufacturing input and a major player in meeting power demand from artificial intelligence — stand to give the US an edge over countries facing fuel shortages," per Bloomberg.
Between the lines: While prices at the pump get a lot of attention, and rightly so, natural gas is increasingly important. It now accounts for about 40% of all U.S. electricity generation — and is powering the AI boom.
Zoom in: The glut of natural gas in West Texas stems from a surge in production over the past 15 years that has far outpaced the pipelines needed to move it out of the region.
This isn't the first time the price has turned negative.
The gas is a byproduct created during the oil drilling process.
New pipeline capacity is set to come online, but more gluts could be on the way.
What they're saying: That will "provide incremental takeaway capacity for a basin awash in molecules," says Chris Louney, a commodity strategist at RBC Capital Markets.
But "the basin is prolific, and associated gas will continue to be produced, often in excess, alongside crude oil."
How it works: For now, that local oversupply — even as other parts of the world face acute shortages — highlights how fragmented natural gas markets remain.
Prices are still driven largely by regional infrastructure, not just global supply and demand.
By the numbers: U.S. natural gas prices outside of the region are still positive — the benchmark Henry Hub natural gas price is sitting at $2.64 per million BTUs, down about 20% from last year.
That's much lower than for Asia and Europe, both depend on imports through the Strait of Hormuz. The benchmark gas price is up about 47% in the EU and more than 50% in Asia from last year.
Asian countries, outside of China, are grappling with a shortage that's led to rationing and severe measures to deal with shortfalls and high prices.
What to watch: The market has been becoming more global, especially with the U.S. rising as the world's top exporter of liquefied natural gas.
Still, the Iran war is exposing the limits of that interconnected system.
NTT Data, a major data center operator, is buying carbon removal credits from startup Climeworks to help meet its climate goals, the companies exclusively shared with Axios on Thursday.
Why it matters: Surging energy demand from AI is increasing scrutiny of data centers' emissions — and could expand the pool of buyers for carbon removal as the sector faces setbacks.
Rocsys unveiled a robotic, multi-bay charging system Wednesday that can manage up to 10 robotaxis at once.
Why it matters: As robotaxis proliferate, infrastructure — including charging — could become a critical bottleneck for efficient large-scale fleet operations, making automation a no-brainer.
Robotaxis are hitting a very analog bottleneck: real estate. The next phase of autonomy isn't about better AI — it's about land, electricity and logistics to keep fleets on the road.
Why it matters: The race for autonomy is becoming an infrastructure battle, one that will demand billions for urban land, grid upgrades and high-throughput service hubs.
Airline deal activity may heat up this summer, even if United has ended its pursuit of American Airlines.
The big picture: Global jet fuel prices are skyrocketing, and supply is dwindling, due to an Iran war that feels no closer to resolution today than it was several weeks ago.
President Trump and top lieutenants met with oil and gas execs at the White House on Tuesday to discuss the energy fallout of the Iran war and the possibility of a lengthy blockade of the country, Axios has learned.
Why it matters: The unprecedented Middle East supply disruption is boosting commodity prices and creating a mix of opportunity and peril for the industry.
Driving the news: Among the attendees was Chevron CEO Mike Wirth, a company spokesperson confirmed.
As the Iran war drags on, it's increasingly clear that there is likely no going back for the energy market.
Why it matters: Oil and gasprices will be higher for longer than investors expected, and the market dynamics are shifting — as countries and companies look for alternative sources of energy or oil and for new ways to move it around the world.
