with a full plate. Inflation is at four-year highs and accelerating. But Warch got the job after promising Trump to cut rates. And half the Fed board is already against him, with Powell remaining on board. Better him than me.

Inventories were near a decade high at just over 8 billion barrels at the end of February. By the end of April, stockpiles fell to 7.8 billion barrels. Inventories will approach record lows of 7.6 billion barrels by the end of May if demand remains the same month over month. Billions of barrels in inventory may sound like a lot, but the reality is that only about 800 million barrels are available without straining the system. The rest is needed to keep pipelines and tanks filled at minimum levels so the supply chain operates efficiently. Some 7.6 billion barrels are enough to supply global oil demand for only 76 days, and the rate of reserve decline is alarming in the extreme.

as AI spending drags the economy forward, with much of it going nowhere.

as countries rush to fund gas alternatives. Coal shipments normally slow down in April and May when the heating season in the northern hemisphere nears an end. But in recent months, coal was the largest cargo by volume for medium-sized vessels, with freight rates as much as 50 per cent higher on average in May than in February. Global coal imports this month are expected to be 107mn tonnes, the third-highest monthly figure for May in records that go back to 2017. For any one metric tonne of gas, you can substitute it with two tonnes of coal.

Some 12 million enthusiast vehicles will transfer to a new generation in the US over the next 15 years in estate plans or inheritances. The market for collectible cars — vehicles desirable for their heritage, performance, and design — has mushroomed over the past two decades. It encompasses more than 43 million vehicles in the US, representing an estimated $1 trillion in total insurable value. When I met the comedian Jay Leno at the Pebble Beach car show, he told me that his portfolio of classic cars has outperformed a portfolio of tech stocks for the last 35 years, and he was right.