By Paul Sankey
Published on March 3, 2025 at 9:01 PM
Obvious first take is that the order came down from on high: Trump says “increase oil production” and MBS (Saudi Arabia) and Putin (Russia), the baseload of OPEC+, decide to increase production. Simple. Thus it was announced in an an official OPEC+ Press Release this afternoon that tape-bombed the oil market (wider market already plummeting), “OPEC to increase production into an over-supplied market”, with the mood on Wall Street in full “sell them all” mode. …
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By Paul Sankey
Published on February 13, 2025 at 9:35 AM
Super-timely call coming up given Valero’s status as the largest importer of Russian oil pre-Ukraine invasion. Biggest Mexican crude importer. #2 behind PSX on Canada heavy oil. Major potential Venezuelan importer. Major former Saudi importer. Today/now Thursday 13th February 10:30am ET: Valero CEO Lane Riggs, CFO Jason Fraser, COO Gary Simmons, IR Homer Bhullar Registration Link – https://sankeyresearch.com/conference/sankey-refining-conference-valero-interest-form/ You cannot consider the current geopolitical landscape without knowing this chart of US oil imports from Saudi. Source: Bloomberg …
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By Paul Sankey
Published on January 7, 2025 at 5:03 PM
Refining Conference Notes 1/6/25 The five independent refiner managements on our conference virtual chats were surprisingly upbeat given the abysmal refining margin back drop and upcoming challenging Q4 2024 results reports, that will follow on from challenged Q3s. Source: Bloomberg, Sankey Research Conclusion? These are all good managements with defensible strategies. Assuming they all remain safely run, and that’s a big assumption, but one that has been holding, they will tend to trade as a …
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