By Paul Sankey
Published on September 7, 2025 at 1:32 PM
Wet day, More bearish natgas weather. First week back in the book, post-Labor Day. The maelstrom of September/October markets upon us. There is a lot of thematic news, if that makes sense. Or we try to arrange the news, of which there is an abundance, into thematics. It’s like the Wacky Races. Source: Hanna-Barbera Idiosyncratic winners from Trump II, such as US small cap refining, Oxy & carbon capture, US rare earth players; AI players …
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By Paul Sankey
Published on April 30, 2025 at 9:24 AM
Happy Hour this week, the authors of this note, Greg Bordelon & Paul Sankey, will discuss ethane, RINs, the model portfolio and last week in Calgary and California, in an open mic session. Date/Time – Thursday, May 1st ,4PM ET Guests – Paul Sankey & Greg Bordelon Registration Link –Click Here ~ What happens to local markets if you embargo imports? Keeping up our mini-theme of exploring the more arcane aspects of US oil, having covered a “Love Letter …
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By Paul Sankey
Published on August 14, 2024 at 9:49 AM
A focus note for you today, on Darling and the California Low Carbon Fuel Standard which has been an important factor in the weakness in West Coast refining margins, that is bleeding into wider refining margin weakness vs current refiner earnings estimates for Q3. We show in this note that California diesel is now 60% renewable, with attendant pressure on refining margins there, as gasoline demand has peaked, and 25% of vehicle sales are electric. …
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