By Paul Sankey
Published on August 2, 2026 at 7:26 PM
Greetings, After sending you a UAE note yesterday that tried to start punchy with Hormuz volume charts, then later went back 2,500 years to to Cyrus the Great, Persian Empire I, today we have mostly charts. “You, me, and the UAE” was emailed to you yesterday intra-Saturday. It feels a momentous time in writhing markets, and it feels like the combination of the Japanese Yen, the new Fed Chair, and well, Korea’s Kopsi index, never …
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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 …
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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 …
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