By Paul Sankey
Published on January 21, 2026 at 8:35 AM
My call since 2024 was for oil prices to hit a low in the $40s/bbl in February 2026. With Brent at $65/bbl with less than two weeks to go, it is time to admit defeat. Prefer to be bearish and wrong than bullish and wrong. With that in mind, time to call a barrel counter par excellence, and tomorrow we have Rory Johnson, one of the best barrel counters in the business, on Happy Hour, …
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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 January 11, 2026 at 8:23 PM
This note covers the Oil CEO meeting at the White House on Friday, and tomorrow we host Mark Lashier, CEO Phillips 66, who was in the room. Refining Conference continuation: Jan 12th Monday @2:00pm ET – HF Sinclair – Timothy Go, CEO, Craig Biery, & Trey Schonter III, IR Jan 12th Monday @3:30pm ET – Phillips 66 – Mark Lashier, CEO, Kevin Mitchell, CFO & Sean Maher IR To round out, also at the White House meeting: Feb 4th Wednesday @4:00pm –Valero– Lane Riggs, …
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