Quote of the day: “The real problem of humanity is this: we have Paleolithic emotions, medieval institutions and godlike technology.” E.O Wilson

Energy Transition
Paul Sankey

US Refining: Mr Icahn plans for a sprint, not Marathon

Well, refining is boiling oil, and we got two major refining surprises in four days, with the announcement today that Marathon is selling two rather nice Midwest refineries to Carl Icahn’s Coffeyville, for an absolutely massive price. Key takeaway repeats what we already told you: Valero got Lyondell Houston for a song. Marathon did not have to sell. There is no particular evidence that the company needed the cash, quite the contrary. This is a

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Energy Transition
Paul Sankey

Malthusian Traps vs AI; Oils vs the Market

Greetings, Two big things today, we approach the week with Mid-term Election trepidation, after a violent end to last week, and Apple earnings etc tomorrow. Plenty of oil earnings. By Friday we will be all-but done, with EOG reporting. A major Long Only client pointed out that BP earnings estimates are far too low, on a stock that already looks extremely cheap. We had a little mutter about the Sellside these days, by which there

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Energy Transition
Paul Sankey

Premium Only: Transcript/Zoom Robin Mills, live from Dubai, Intelligence

Paul: How does life in Iran relate to the regime under this pressure? Robin: There were huge protests in January, put down very brutally, with thousands killed. Some of the higher numbers are nonsense, but clearly many thousands were killed and many others detained. That happened before the war. From the regime’s point of view it was almost the best thing that could have happened: they killed or imprisoned a lot of potential troublemakers just

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