By Paul Sankey
Published on March 6, 2025 at 8:02 AM
This is about OPEC+ AND demand, in this note we look at the latest US oil data, and tell a personal story about Elliott-for-PSX Board candidate Al Hirshberg. Using distillate (diesel) as our proxy, the fuel of transporting goods, as our proxy for economic activity, we find an abrupt and alarming change in the shape of distillate timespreads, where the fall from a smidge of backwardation has given way to outright collapse. If this is …
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By Paul Sankey
Published on January 26, 2025 at 4:38 PM
A short catch up note today, struggling to see through the blizzard of wood chippings flying out of Washington DC: smoke, flames, feathers, shards of ice … in fact the blizzards and smoke are veritably across the whole USA, as President Trump seems to be everywhere, and making speeches everywhere, with regular but subject-scattered commentary, at-times with wild implications. And that was Week One. Gone are the days of Joe Biden making “no comment” or …
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By Paul Sankey
Published on January 11, 2025 at 1:30 PM
Refining Conference Day 2: PBF & PSX Well muggins here comes out of the 12th annual Sankey Refining Conference bullish refining! I’m sure you could have predicted that, but honest, guv, I went in with open-mind-to-bearish (somewhat bearish refining, relatively bullish crude to start 2025). But of course I knew that seasonally we had to try to be bullish, especially with this cold. Sure enough, after listening to seven straight refining CEOs, I drank the …
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