Please find attached our mid-Trump-Xi note, that attempts to cover the arc of the China energy challenge in the Age of Hormuz, mid-summit. History in the making. Hope you enjoy reading it as much as I enjoyed writing it. Paul Morelia, Michoacán, Mexico, 5/14/26
This week, delighted to say we will host Ed Morse, the most tenured oil analyst on Wall St, a legend, to Happy Hour at our regular 4pm ET time slot, Thursday (30th April – time flies). I appeared on CNBC with Ed live from the NYSE in March 2020, and listened to answers very, very carefully. I walked away and tripled all my demand destruction forecasts, worked out the combination of Saudi at record production …
Client comment of the week: “I’ve received 20-25 notes from Neil Mehta (Goldman Sachs lead oil analyst) in the last 12 hours. It’s bananas”. TOTAL $TTE feedback Major Long Only: “Your math on TOTAL’s dividend yield is so bad, I want to cry”- But my point was correct! Huge cash yield, great company Major investor: You made great (positive) comments on Enterprise. Couldn’t agree more. Key here is estate management, you buy it for the …