Morning Saudi: Government, Aramco, Spare Capacity, and the Strong US$

By Paul Sankey Published on January 31, 2024 at 9:08 AM

Never a dull moment in oil, nothing beats a shock press release. The most exciting press releases leave plenty to the imagination. Aramco’s curt comment yesterday, all of two sentences long, was rip with understated ramifications on 1 million barrels per day of crude production and billions of capital investment being cancelled. And just like that, Bloomberg reports this morning that Saudi is considering a $10bn secondary offering, as soon as March. Savvy, these Saudis,…

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Morning Reed, Jeff, Olivier, Rich & Scott

By Paul Sankey Published on January 24, 2024 at 11:23 AM

4Q23 Earnings 1/19-1/23 (HAL, SLB, KMI, UAL, JBHT) On Sunday we said “Netflix to beat, Tesla to miss”. The Netflix call was hardly heroic, we just found re-setting all our accounts to be super-easy, those thrown off my ID happily subscribed themselves (son) and the Netflix film Society of the Snow is outstanding. One down, one to go, so if Tesla pulls a huge upside surprise, we are in coin flip territory on earnings call…

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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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