Sunday Distilling US Distillate

By Paul Sankey Published on February 22, 2026 at 5:53 PM

Pondering the potential disaster of the incoming blizzard that has started here. Our Monday JFK flight to London at 9am… Cancelled First world problem Some 80% of the world’s population has never taken a plane. As of 4pm snow barely an inch ~ This note is a bullish US Distillate note. Strong demand, flat supply. Bullish complex refiners such as Valero, Marathon Petroleum and PSX, but the rising tide lifts all US refining boats, assuming …

Letter from a Bunker in London

By Paul Sankey Published on March 23, 2025 at 12:44 PM

Concepts in United States Isolationism Feeling very British, I apologise in advance for this longer more personal note that is less about oil, gas & energy than we typically endeavor, although as the US Energy Secretary would tell you, ultimately everything is relevant to energy, and vice versa. As comedian John Cleese said, a “Public School” Englishman, such as me, at dinner asks for the salt as follows: <Awkwardly raises finger, vaguely waves it> “Um… …