By Paul Sankey
Published on June 7, 2026 at 6:37 PM
So there it is, 100 Days of Hormuz. Homework this week is easy, just a few words on Bunker Markets. Globally refiners are straining to meet max clean product needs (JetFuel, Distillate, Mogas), and it is marginal products that are heading towards physical shortages in June, such as US base oils (the Pennzoil for your AC Cobra, there are already shortages as we have covered), and Bunker fuel for ships, a marginal product dominated by …
Read More
By Paul Sankey
Published on January 24, 2026 at 1:56 PM
We wrote to you regarding the world’s largest traded power market covering the world’s biggest data center cluster, Pennsylvania-Jersey-Maryland (PJM) capacity auction in mid-2025. Unsurprisingly, although sidelined by mega-headlines such as Venezuela, Iran, Greenland and Davos, there has been more controversy. And this massive ice storm is likely to further escalate the sense of crisis that is growing regarding PJM. Basically we forecast a PJM slow motion trainwreck, that will require crisis management. We predicted …
Read More
By Paul Sankey
Published on July 20, 2025 at 5:49 PM
I sent you a slab of text yesterday, a Thematic, our favourite work, on US power markets, and specifically the upcoming PJM auction results. I have re-attached the note to this email so you can plunge into it, if you have not already. It’s linked at the end of this note and is entitled “Understanding PJM: The Auction” which results are due this week, Tuesday 22nd July. ~ Top of mind, very disappointing share price …
Read More
