By Paul Sankey
Published on July 25, 2025 at 9:46 AM
It hardly feels like a co-incidence, that Elliott Management are the common denominator between PSX and MPC and Suncor, the similarity being that activist-engaged new CEO Rich Kruger at Suncor blew the doors off operational performance. Remarkable turnaround. Re-worked management systems. And today from nowhere, PSX blew the doors off operational performance that led to a big beat: EPS $2.38 vs the Street at $1.71, with a beat on every line. From a nasty -$328m …
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By Paul Sankey
Published on June 21, 2025 at 12:54 PM
With the world watching the Straits of Hormuz, perhaps less on EU natgas prices squeezing on Israeli natgas and refining outages, little attention has been paid to major moves in US biofuel markets over the past couple of weeks. We got ya. This has just about nothing to do with global geopolitics, and everything to do with US domestic politics. We now have an increase in regulation from The Trump Administration, and yet more government …
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By Paul Sankey
Published on June 14, 2025 at 9:03 PM
* BREAKING * Major fire at Marathon Petroleum’s huge 600kb/d refinery, live situation More pressure on the Trump Administration regarding oil prices, as pump prices will get squeezed higher here; California pump prices, although not a great Trump concern, are above $4.50/gallon. With that breathless start, and rather than suspend everything on media maelstrom Israel-Iran war, in this note we resolutely take a look at our favourite gas station play, Casey’s $CASY. The underlying premise …
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