Occidental: the storage economics stopped needing the subsidy

The mechanism is merchant economics, meaning the project clears on market revenue alone. Once that threshold is crossed the addressable buyer set widens from subsidised programmes to anyone with a grid position. Three market operators have now cleared unsubsidised storage in their capacity auctions, which is the first evidence that merchant economics work without support. The position: long on Occidental, entry locked at publication and the exit dated rather than open-ended. The target is stated in the call block above and the horizon with it. Sized to the catalyst rather than to conviction, with the invalidation written into the kill-switch card instead of left implicit. What breaks this is a supply outage that re-widens crack spreads. Those happen without warning and would make the normalisation argument wrong for several quarters.