S&P 5003993.91+22.92+0.58%

Nasdaq-100%

VIX21.2-0.54-2.48%

DXY109.66-0.17-0.15%

CO2.9900%

WTI73.99+0.56+0.76%

NATTY5.87-0.12-2%

Quote of the day: “February is for curmudgeons, whinge-bags, and misanthropes . . . it’s so short. There is nothing good about it, which is why it’s so great.” ―Lionel Shriver

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Paul Sankey

Sunday Monkeys & Passports

I lost my passport. So, greetings unplanned from sunny Morelia, Michoacan, el alma (the soul), of Mexico. Would that I was writing from Brooklyn Heights, but shiznit happens. Lost my passport, missed my plane, found my passport. Oops. Taking same flight today, a day later. You cannot fly international on a Green Card, you have to have a passport. The airline will not let you on the plane, even though now, I need no documentation…

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Paul Sankey

Morning Sellside Bulls & Buyside Bears

Bullets from our oil market conversation last night, that was dominated by star guest Kathleen Kelley, but these comments are deliberately a mix of the observations made: Bearish: Biden Administration Energy Secretary Jennifer Granholm walkback comments regarding NOT rebuilding the Strategic Petroleum Reserve (this year), despite prices that have fallen below the $72/bbl floor at which she had said the US would start rebuilding. This further undermines what little credibility the Administration has with the…

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Paul Sankey

Mid-Morning Non-Consensus

This evening, our favourite former advisor to the Saudi Oil Minister, Kathleen Kelley on commodity markets. CEO of Queen’s Gate Capital. 5pm Eastern Time. 9pm London time. 3pm central Mexico time, from where I am hosting. Back in Brooklyn Saturday, God willing. Register in advance for this meeting: https://analysthub.zoom.us/meeting/register/tZMvcO2orzwtHN3wVCRJPwlFFKbVr9TgmSjQ ~ The tape is bouncing around and taking alternative energy up and down like a yo-yo, never mind the oils which are struggling with the sell-off…

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Sunday Food for Thought

One of my rules of Wall Street was, when I ran top oil & gas research teams at investment banks; later when I edited research as a Series 24 compliance; and it should be a lesson for all analysts: “Don’t tell a fund manager the fking performance.” Telling a money manager what performance has been, is like emailing a TV weather presenter a description of last week’s weather. In our defense, we do slice the…

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Paul Sankey

OXY and the Oils: Buffetted

Amidst rumors swirling of a cavalcade of 20+ private jets making the dash last week to Omaha for help in a rolling banking crisis, we revisit Oxy, “the Oracle’s” favorite energy investment this year. It seems from market action and public filings that his trader has been hitting the BUY button all week on OXY, in what was a brutal week for oils. We think Oxy is an outstanding place to hide during the current…

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Paul Sankey

Watching the falling knife

When does the falling oil and oils knife stab into the $60/bbl chopping board? Guten Tag from Vienna, I just finished a panel speech to 300 attentive mostly-Europeans at a generalist private equity shindig. “I’m not here to promote oil, I am here to promote reality.” Just to keep you guessing, I am now flying to Aquacalientes via London and Mexico City. ~ Right before US oil exploration and production (E&P) companies started reporting a…

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