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 February 12, 2025 at 8:56 PM
You can bet tomorrow during our 10:30am call with Valero management, that the whole call will explode with laughter, because Valero is a tremendous group of people. Remember, nice guys ‘n’ gals can finish first. Look forward to it, please join. Note the offbeat time. Tomorrow 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/ ~ Questions for management? With Valero operationally …
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By Paul Sankey
Published on February 1, 2025 at 3:02 PM
Who wins from Canada/Mexico oil tariffs? For sure we think consumers lose from higher pump prices given higher cost Canadian crude particularly in the US MidCon. Whether the oil tariff is +25% or +10% matters, as that will be the likely impact on Mid-Con pump prices. Short term winners, complex Gulf Coast refiners such as ExxonMobil, Valero, and Marathon Petroleum, although the latter is a loser in Mid-Con refining, as is Phillips 66 which also …
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