By Paul Sankey
Published on August 13, 2026 at 8:14 AM
With the confusion around Hormuz, and the reversal in the surge of oil deliveries in June, I arranged a last minute Zoom with June Goh who, as ever, is highly informed on market action in Asia, and globally for that matter. Sorry, it went off at 5am this morning Eastern Time, with June in Singapore at 5pm and me in London at 10am, needs must. The short burst of Hormuz volumes was clearly a head …
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By Paul Sankey
Published on August 6, 2026 at 1:23 PM
I read a Tweet the other day that has been playing in my head: “What if the bubble is only just forming?” That got stuck in my head as we hit all time highs on the S&P5000 – before a Hormuz deal. No question, liquidity is sloshing, with the Treasury Secretary selling Euros to buy Yen… to keep the carry trade alive. Inflating markets. On ConocoPhillips there are other inner monologues in this note that …
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By Paul Sankey
Published on August 2, 2026 at 7:26 PM
Greetings, After sending you a UAE note yesterday that tried to start punchy with Hormuz volume charts, then later went back 2,500 years to to Cyrus the Great, Persian Empire I, today we have mostly charts. “You, me, and the UAE” was emailed to you yesterday intra-Saturday. It feels a momentous time in writhing markets, and it feels like the combination of the Japanese Yen, the new Fed Chair, and well, Korea’s Kopsi index, never …
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