By Paul Sankey
Published on April 6, 2024 at 2:38 PM
In this note we consider BP’s position in BPX, its US onshore play, in the context of the overall investment case for BP. Source: BP The following thoughts emerged, embracing multiple metaphors: “A camel is a horse designed by a committee”. BP seems designed by committee. It is a jack of all trades, where it should be the master of one. What is the elevator pitch for buying a stock? BP takes a trans-continental train …
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By Paul Sankey
Published on February 29, 2024 at 9:03 AM
Market backdrop: our argument that low US refining utilisation this month (Feb 2024) would tend to pressure crude prices, tighten product inventories, and raise product prices, is not working at all, leading us to demand concerns. Refiners have been weak accordingly, even if background GDP data and better than expected China numbers suggest a good year for refiners. It’s not all bad news: crude oil prices are acting well. Generally with seasonality, tough January weather …
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By Paul Sankey
Published on February 25, 2024 at 7:29 PM
Greetings, There is an embarrassing feeling about current equity markets, for us writing this note, a bit like hosting family lunch on the patio at the country club, while trying to ignore the spectacular naked celebrity gloriously sunbathing by the pool. To be less… conceptual: we got our answer to the question we posed last Sunday on NVDA earnings. ~ It’s hard to avoid staring but we pretend to focus on the slightly dry turkey …
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