By Paul Sankey
Published on April 9, 2026 at 1:18 PM
Greetings, Today, very shortly, 4pm Zoom Michelle Brouhard, Head of Policy & Geopolitical Risk at Kpler [global leading satellite/data intelligence focused on commodity markets]. A former oil trader and hedge fund player, Michelle is an expert in global oil balances, working for the premium oil flow intelligence player, Kpler. Register here: https://sankeyresearch.com/conference/sankey-strategy-session-michelle-brouhard-head-of-policy-geopolitical-risk-at-kpler-interest-form/ ~ 1. The problem: refinery capacity and ships, not crude supply My thoughts have been occupied with the global refining and oil product …
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By Paul Sankey
Published on April 8, 2026 at 1:08 PM
Greetings, Again, we have just the person for the job. Kpler. Michelle Brouhard on Happy Hour tomorrow. In this note we take a quick look at what will be horrible reported Q1 numbers from the major oils, driven by timing effects rather than underlying business performance, although both Shell and ExxonMobil who put out guidance today, have direct, major, costly damage in the Gulf from Iranian attacks on Qatar. Particularly, Shell CEO Wael Sawan described …
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By Paul Sankey
Published on March 4, 2026 at 10:03 PM
LNG superpower Qatar finds itself having been bombed by both Israel AND Iran within the past year. Now a gigantic oil and gas outage, and notably the unprecedented shutdown of the world’s single largest LNG facility, which is a multi-month outage, will roil markets far more than is currently being discounted in relatively muted energy and equity market responses. The world is sold out of LNG supply, and this gas would represent around 2mb/d of …
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