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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Sunday Dow Theory, Green, and Browne

By Paul Sankey Published on January 21, 2024 at 4:55 PM

Good day, There it is: Market at a record high. Congratulations to the wealthy of the USA. The top 10% of wealthiest Americans own 89% of stocks ($28 trillion). Americans in the 50th to 90th percentile of wealth own 11% of stocks ($3.4 trillion). Americans in the bottom 50% own <1% of stocks ($19 billion). As we say, the rich get richer and the poor migrate. Today we take a graphic-heavy run through some charts,…

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Morning Murray (the Auchincloss is silent)

By Paul Sankey Published on January 17, 2024 at 9:28 AM

Upcoming events: January 25th Mark Viviano – Kimmeridge; not least on the recent acquisition of Southwestern by Chesapeake. And more besides! CRC is another major position, as of last filings. February 2nd Valero management as a belated part of our 2024 refining conference. Today confirmed for February 14, 2024 – Shell LNG Outlook 2024 hosted by Steve Hill, EVP Energy Marketing, and Cederic Cremers, EVP LNG. Start at GMT 14:30-16:00 GMT. Contact Shell or me…

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