By Paul Sankey
Published on April 9, 2026 at 1:18 PM
Greetings, Today, very shortly, 4pm Zoom Michelle Brouhard, Head of Policy & Geopolitical Risk at Kpler [global leading satellite/data intelligence focused on commodity markets]. A former oil trader and hedge fund player, Michelle is an expert in global oil balances, working for the premium oil flow intelligence player, Kpler. Register here: https://sankeyresearch.com/conference/sankey-strategy-session-michelle-brouhard-head-of-policy-geopolitical-risk-at-kpler-interest-form/ ~ 1. The problem: refinery capacity and ships, not crude supply My thoughts have been occupied with the global refining and oil product …
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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 …
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By Paul Sankey
Published on February 19, 2026 at 9:21 AM
DINO: well, I have seen some bizarre quarterly earnings beats, some bizarre management changes, but HF Sinclair DINO’s results yesterday were extraordinary. With the Street estimating 45c of Q4 earnings, the company reported a huge beat, underlying $1.20 of EPS, the abrupt exit of the CEO, an audit review whereby the results were un-auditable as of now, and then the Chairman came on the call, and said “I’m the CEO now, we can’t audit our …
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