Solaris: Sand to Silicon; Barcap Day 1

By Paul Sankey Published on September 9, 2026 at 11:37 AM

Energy investors were shocked by the AI selloff in July, the tide went out real fast, revealing a lot of naked-long AI-energy swimmers. So yesterday, the Barclays start-of-analyst-year conference in New York had some strongly pleasing backdrop after a tough mid-summer: Oil hits $100 Refining margins off the scale Gulf Coast WTI 321 $67/bbl MARGIN Investor favourites Solaris Energy Infrastructure rips +16% on 40% guidance increase on first day of Barclays. We are back, baby. …

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 …