By Paul Sankey
Published on January 29, 2026 at 8:23 PM
Sorry there was no Happy Hour today with earnings this week, I meant to warn you before 4pm but I got tangled in a couple of things today, like the Social Security Office downtown Manhattan (oh yes, through ice by subway) and then a lot of messing around for a 2 minute slot on CNBC. Noted Coterra merging with Devon getting hot (Bloomberg) Chevron and ExxonMobil results tomorrow, We take a look at GE Vernova’s …
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By Paul Sankey
Published on January 21, 2026 at 8:35 AM
My call since 2024 was for oil prices to hit a low in the $40s/bbl in February 2026. With Brent at $65/bbl with less than two weeks to go, it is time to admit defeat. Prefer to be bearish and wrong than bullish and wrong. With that in mind, time to call a barrel counter par excellence, and tomorrow we have Rory Johnson, one of the best barrel counters in the business, on Happy Hour, …
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By Paul Sankey
Published on January 16, 2026 at 3:04 PM
Yesterday evening Tom Kloza on Happy Hour was a great conversation. He was all excited by Dangote CEO announcing yesterday plans to double the size of the refinery, and talked about “creep” an old theme little mentioned today. But US refining throughputs are near record highs with many refinery shutdowns completed: creep. Keeping it old school: structurally one major challenge for refiners has gone, from Tom’s huge historic perspective (started in oil markets in the …
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