Ten Companies, Ten Charts, Ten Recommendations

By Paul Sankey Published on February 29, 2024 at 9:03 AM

Market backdrop: our argument that low US refining utilisation this month (Feb 2024) would tend to pressure crude prices, tighten product inventories, and raise product prices, is not working at all, leading us to demand concerns. Refiners have been weak accordingly, even if background GDP data and better than expected China numbers suggest a good year for refiners. It’s not all bad news: crude oil prices are acting well. Generally with seasonality, tough January weather…

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Context & Questions for Refining Conference Jan 3rd 2024

By Paul Sankey Published on December 30, 2023 at 3:45 PM

Excitement is mounting for our refining conference day next week 3rd January. We also have a former big time oil trader and a former CFO of one of our independent refiners joining dinner 2nd January with Ole Slorer. Still space available if you are in Miami by Tuesday, please join. This note has company specific questions for the Tuesday participants, six companies back-to-back. There is no limit to participants if you want to join the…

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Invitation: Miami 2nd/3rd Jan 2024 Refining Conference, Stan & Win

By Paul Sankey Published on December 27, 2023 at 3:28 PM

Good evening, Above, my grandfather Stan and grandmother Win at Aunt Chubb’s wedding, late 1920s. You passed the solstice – the days are getting longer! Lots of places you don’t really care that much, but believe me, in today’s filthy British winter weather, here dark and stormy London (but warm), with sheets of rain, the standard optimism is that days are now getting longer. And so to Miami soon (same latitude as Dubai). Please join…

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