Sunday Suddenly Presidents’ Day

By Paul Sankey Published on February 18, 2024 at 4:28 PM

Suddenly we are all bullish oils. Last week went well. Certainly it went well by oil’s atrocious recent standards vs the wider market. In fact, last week might just be a very bullish set up for the oils. But that statement depends a lot on NVDA results ahead. NVDA reports this week 21st February Wednesday after the market, going head-to-head with oil laggard APA, formerly Apache. We do not expect APA results to change the…

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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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Sunday Trading Places & Elmo

By Paul Sankey Published on December 3, 2023 at 5:14 PM

Right kids, how are we doing? There was a “Chevron: Dinner with Sauce” note sent yesterday which got strong feedback. One comment is that CrownQuest, the current $10bn reported Oxy takeover candidate in the Permian, will go for an “insane, all-time record” price per acre. We shall see, it might well not be to Oxy, the speculation is around Devon, ConocoPhillips, Diamondback, as other strong suitors. But we want to be short Oxy this week,…

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