By Paul Sankey
Published on October 31, 2026 at 9:13 AM
Paul: How does life in Iran relate to the regime under this pressure? Robin: There were huge protests in January, put down very brutally, with thousands killed. Some of the higher numbers are nonsense, but clearly many thousands were killed and many others detained. That happened before the war. From the regime’s point of view it was almost the best thing that could have happened: they killed or imprisoned a lot of potential troublemakers just …
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By Paul Sankey
Published on October 30, 2026 at 3:08 PM
Today, results day, you would think that ExxonMobil and Chevron would be absolutely delighted… …with Valero announcing a major refinery restart this morning, right as the Mega US Oils announced massive quarterly results… driven by refining… driven by soaring diesel prices… right before the Mid-Terms… that are swinging Blue… on diesel prices/general global political mayhem. Hence: “We are re-opening a major US refinery” Valero’s line is terrific right here right now, fantastic political fodder for …
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By Paul Sankey
Published on October 17, 2026 at 4:27 PM
We had Chevron giving indications for the quarter on “Happy Hour” last week; the other majors have published third-quarter trading updates. Those also give a read for Valero, Phillips 66 and Marathon Petroleum, the independent refiners, and Dow. Not sure I can remember a time that I have loved the big Integrated Oils as much as right now. The risk is excess profit, and thus political windfall tax pressure, but the governments that made that …
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