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Pippa Stevens: latest market views
CNBC
Summary
Pippa Stevens is a CNBC markets reporter covering stocks, energy and market moves.
Chorus has 8 views from Pippa Stevens across 7 episodes on CNBC Closing Bell since October 8, 2026.
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Texas data center policy uncertainty pressures AI power producers; ERCOT large-load report on December 10 is key.
Power producers tied to the AI buildout in Texas fell sharply after the election, with Vistra and NRG down double digits. Texas holds 27% of planned US data center capacity and a large backlog of projects waiting to connect. The governor-elect has said moratoriums are needed until clearer guardrails exist. The Republican legislature and long-term utility commissioners add uncertainty, and the ERCOT large-loads report due December 10 should clarify state data center policy.
“Texas represents 27% of planned data center capacity in The US and has an enormous backlog of projects waiting to connect.”at 2:33
Oil's sharp drop on Iran talk looks unjustified, since the US and Iran remain far apart.
Stevens says oil fell below $100 on reports of new Iranian negotiating powers and on Rubio's comments about a diplomatic route, which is a complete reversal from escalation a week earlier. But she notes neither side has achieved its objectives since the June MOU collapsed, and the two sides are still far apart, so the price action is hard to square with what is happening on the ground. She cites Goldman's range of $60 to $130 Brent for next year and the 50-day and 200-day moving averages as support levels, suggesting the market is betting on resolution or simply avoiding longs before the midterms.
“this is a very big move today on very little sense that anything has actually changed. It seems The US and Iran are still very far apart.”at 5:33
CNBC Closing Bell: Closing Bell Overtime: Big Tech Faces Its Next Test 11/2/26 ·
Energy equities' upside is unclear now that the strong refining earnings catalyst has passed.
Energy stocks had a strong week of reports, with refiners printing very large numbers, especially in downstream. But expectations were very elevated ahead of those reports, and the question now is whether those margins are as good as they get, and what mid-cycle refining margins are now being priced in. Stevens says it is unclear whether energy equities have more upside for now, since the earnings catalyst is in the rearview mirror, and Marathon's report is the next test.
“unclear if there's more upside here for energy equities at least for the time being given that now the earnings catalyst is kind of in the rearview mirror.”at 6:09
CNBC Closing Bell: Closing Bell Overtime: Big Tech Faces Its Next Test 11/2/26 ·
Oil supply is not recovering consistently, and the flow declines make the current setup unsustainable.
Stevens says oil is coming out, but not consistently. Latest figures show about 12 million barrels per day, down from 17 million a couple of weeks earlier. The cost to move the oil is growing. She calls this a situation that is not a sustainable long-term solution. She also notes the market is realizing eight months in that it is roughly back where it started.
“the latest figures show about 12,000,000 barrels per day down from 17,000,000 a couple of weeks ago... the cost to move it, is growing and is not a sustainable long term solution.”at 29:17
Oil's rise may last longer than thought as backwardation shallows and geopolitical risk premium builds.
Stevens notes Brent has climbed alongside flows recovering from the Middle East. Part of the move looks like portfolio hedging against energy inflation, and part is an opaque geopolitical risk premium, with refiners paying up for barrels as escalation fears grow. Compared with April, the backwardation is much shallower. She says this suggests the elevated price may be more durable than the temporary spike markets first assumed.
“part of that is potentially some portfolio hedging against energy inflation, but then there's also the kind of opaque... geopolitical risk premium that's now being priced in... it's a lot shallower. And so, you know, that kind of gives a sense that, okay, maybe this is gonna be longer term than we thought.”at 9:36
CNBC Closing Bell: Closing Bell Overtime: Markets Search for Opportunity After a Wild Week 10/23/26 ·
Converging Iran, Ukraine and Houthi threats raise crude supply risk and push refiners to secure barrels.
Stevens lists three supply threats: Iran stepping up attacks in the Strait of Hormuz, including sinking a container ship; Ukraine again attacking Russian refining infrastructure after a pause; and the Houthis stepping up attacks on Saudi infrastructure. Together with military assets heading to the Gulf and the midterms, this raises concern about supply risk. Refiners are trying to secure barrels. Russia's diesel exports are also constrained by the Ukrainian attacks, so the diesel market remains tight. Miller Tabak notes Brent's weekly golden cross has happened only five times in thirty years and was followed by further upside each time.
“Iran is stepping up its attacks in the Strait Of Hormuz, including sinking a container ship in the last few days. Then you have Ukraine vowing to continue attacking Russian refining infrastructure.”at 4:17
Data center opposition is becoming a bipartisan midterm issue that will drive turnout in Ohio races.
Local opposition to Advantage Data Centers' 500 MW project in Oregon, Ohio has grown in recent months. A grassroots group gathered enough signatures for a ballot measure to cap data centers in the area at 25 MW. Candidates in Ohio's 9th District and at the Senate level have attacked opponents over their data center stances, after previously avoiding the issue. Labor and teachers' unions back the project, so the issue cuts across party lines. Stevens says the opposition or support will push turnout up next month.
“And there is no doubt here that data center opposition or support is going to lead to much higher turnout at the polls next month.”at 45:20
Shipping, trucking & logistics
Record tanker rates are unsustainable, so oil flows and shipping costs will have to adjust.
Oil is getting out of Hormuz through ship-to-ship transfers, which requires about twice as many ships to move the same oil. That has pushed tanker rates to record highs, which trickles through to consumers and distorts the dirty and clean product tanker markets. Owners are earning record profits now, but Stevens says flows will have to come down because these levels are not sustainable long term.
“We've seen tanker rates hit record highs, and that is not sustainable long term”at 14:33
Shows
- CNBC Closing Bell · 7 episodes
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