By Paul Sankey
Published on May 31, 2026 at 7:05 PM
Amazing to watch May 2026 pass so fast, and Hormuz still all-but shut. Everybody points to June as the month in which things turn ugly in terms of tank bottoms, and price going exponentially higher seeking to destroy demand. But bottom line, prices are lower, and everyone is still merrily flying around. In this note we re-visit our JetFuel thesis – as we witness record flights, what’s the problem? We conclude that the key answer …
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By Paul Sankey
Published on May 20, 2026 at 6:00 PM
NEW YORK, May 20 (Reuters) – The United States withdrew 17.8 million barrels of crude oil from its inventories, the highest on record, the Energy Information Administration said on Wednesday, as the Iran war has cut global supplies and raised demand for U.S. crude and products. In a week. Oil analysts nod and say “we are heading for operational minimum inventory levels, fast.” ~ When will I retire? We have booked Paul Cheng, recently retired …
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By Paul Sankey
Published on May 10, 2026 at 2:01 PM
Greetings from Guadalajara, We attended family wedding. Quite the fiesta. I’ll give you a hint: this is the capital of Jalisco, the home of Tequila. ~ The past week was absolutely bewildering in global oil markets; the market seems to buy a peace narrative which we greatly struggle to believe in. As considered from the crisis start, we cannot see that the Iranian Revolutionary Guard will easily cede its sudden position of global super-power (especially …
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