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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By Paul Sankey
Published on October 3, 2025 at 9:13 AM
In other major US energy news before we start: Permian Highway Pipeline (PHP) shutdown. Kinder Morgan’s ~2.1–2.65 Bcf/d Permian-to-Gulf Coast natural gas takeaway line is said to have an issue, and WAHA Permian natgas prices have gone “double digit negative”.) Bad news for almost all Permian E&Ps, and we can see this as being a tough earnings season coming up for Q3 earnings, as reports of rising costs and flat crude prices with poor Permian …
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By Paul Sankey
Published on August 3, 2025 at 5:15 PM
Well, the negative revisions to jobs numbers on Friday drew a rapid response from Donald Trump, he fired the head of the Bureau of Labor Statistics. Not our first “Uh Oh” and it won’t be the last, by any means. But statistics controversy fits well with the theme of our note today: power megatheme. Power is power. Below, the negative revisions in Jobs released Friday that radically altered the “apparent” (I am in data mode …
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