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Daily Update — February 21, 2026

Supply Shaping Energy System; AI Gains; and February Economic Outlook

Today is Monday, February 23, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

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Energy Transition & Sustainability

Listen: Ashraf Al Ghazzawi, Saudi Aramco, on Energy Security and Why Supply Still Drives the Energy Transition

 

Rising global energy demand, supply security and long-term investment decisions are shaping the future of the energy system. In this episode of the “CERAWeek Podcast with Atul Arya,” Ashraf Al Ghazzawi, executive vice president for strategy and corporate development at oil giant Saudi Aramco, joins Atul Arya, S&P Global Energy’s chief energy strategist, to discuss these dynamics and their impact on energy markets. They also discuss global demand growth and regional energy disparities, investments in supply needed to keep pace with resource depletion rates, energy security through diversity of suppliers, AI’s impact on operational efficiencies and disciplined approaches to lower-carbon investments.

 

This episode builds up to CERAWeek 2026, to be held March 23–27 in Houston, where leaders will examine the intersection of energy security, technology deployment and long-term system resilience.

Artificial Intelligence

AI Gains Ground In Media And Entertainment: The Ad Game

 

If content is king, will AI polish or tarnish its crown? Its influence on content creation, distribution and monetization could profoundly affect the media and entertainment industry.

 

This industry has faced challenges in the past related to unauthorized duplication and distribution of content. The 1990s and early 2000s saw music consumption go digital, and legislation took a while to catch up. Content protection through legal means proved insufficient, especially in markets where protections were either nonexistent or not enforced. Piracy had a similar effect on the film industry. Streaming services for film and music have since demonstrably reduced piracy in more established markets, a positive consequence of successful digital adaptation.

Economy

Global Economic Outlook: February 2026 — Choppy markets, resilient economies

 

Geopolitical events and related uncertainties have contributed to choppy commodity and financial markets, but S&P Global’s Purchasing Managers’ Indexes point to relatively resilient economic conditions. The price of Dated Brent crude oil is more than 10% above its 2025-end level amid ongoing concerns about Middle Eastern supply disruption. Prices of precious metals are below their January record highs but remain elevated.

 

US equity markets have come under pressure, with the S&P 500 index recording back-to-back weekly losses in the first half of February. The tech-heavy Nasdaq Composite index lost ground for five straight weeks. US Treasurys have benefited from a related ”flight to safety,“ with 10-year yields falling to their lowest level since November. Narrowing yield differentials are forecast to continue to lean down on the US dollar.

In case you missed it

  • Oil product stockpiles at Fujairah, United Arab Emirates, rose 4.3% in the week ended Feb. 16, led by a 24% surge in light distillates to their highest level since June 2019, according to Fujairah Oil Industry Zone data published Feb. 18.
  • Platts Thai 5% broken white rice prices fell to a near one-month low Feb. 18, pressured by a weaker baht and slow buying interest, sellers and buyers based in Thailand and South Africa told Platts, a part of S&P Global Energy.
  • Seven of S&P Global Ratings’ sovereign upgrades in Africa in 2025 were driven by improving growth prospects and reform momentum. These upgrades had a ripple effect, leading to positive rating actions on financial and corporate entities in countries including Egypt, Morocco and South Africa.

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