S&P 500NA+NA+NA%

NasdaqNA+NA+NA%

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WTI85.47-1.15-1.3276%

NATTY3.31+0.105+3.2813%

Quote of the day: “Everything that grows / Holds in perfection but a little moment.” — William Shakespeare.

Energy Transition
Paul Sankey

Chevron, Valero, Venture Global: Wintry Mix

Freezing winter slush day, very on-brand early February here in Brooklyn Heights. Freezing wet mix, snowy rain settling as sloppy snow. Cold. Black and white; grey. Time for Happy Hour! TONIGHT Happy Hour Zoom 4pm ET Jake Spiering of Chevron Another timely guest, after we did Hess and Jay Wilson last week. Jake is a terrific spokesman/investor relations for Chevron, market cap $275bn, $31.5bn of cashflow from operations in 2024, $15bn capex, production 3.33 mboe/d

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Energy Transition
Paul Sankey

Venture Global ($VG): Caveat Emptor

Venture Global is truly an extraordinary story. A massive US LNG export player, in the past decade developed from zero to 30Mt a year; this start-up company “Venture Global” $VG has driven a huge part of the stunning rise in US natural gas exports. Since just 2016, the US has gone from no exports to become the world’s largest liquid natgas – LNG – exporter. VG has been huge in that. We showed you in

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Energy Transition
Paul Sankey

Sunday Pemex and Power Trade

Way hey, That was a week. Deepseek to Tariffs. And plenty of results. Here’s the S&P500 and Nasdaq year to date. Source: Bloomberg, Sankey Research Pinball. Tape bombs. Regarding the January Barometer, (January sets the direction for the market’s year) we closed January up 3.2% in the S&P500 and 1.9% on the NASDAQ even after a -1.5% drop in the latter this past week post-Deepseek. Harry Hindsight is the best trader in the market. Briefly

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Energy Transition
Paul Sankey

Oh! Canada Tariffs? We barely knew them…

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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Energy Transition
Paul Sankey

If it’s Happy Hour, Clap Your Hands – Hess, Chevron, Valero incoming

Greetings! Tonight on Happy Hour, we have legendary Mr Jay Wilson, HESS. which is always a great chat, and great timing with Hess having beaten estimates in Q4 earnings reported yesterday, but then held no conference call. So come with any questions. Register for Jay Wilson today at 4pm by Zoom here: https://sankeyresearch.com/conference/sankey-strategy-session-hess-jay-wilson-interest-form/ Hess beat the Street with $1.76 EPS vs Est. $1.49. Capex $1.68bn vs $1.52bn cash from operations. Hess delivered +18% year-over-year volumes

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Energy Transition
Paul Sankey

Sunday Blizzards, Buzzards and Buzzwords

A short catch up note today, struggling to see through the blizzard of wood chippings flying out of Washington DC: smoke, flames, feathers, shards of ice … in fact the blizzards and smoke are veritably across the whole USA, as President Trump seems to be everywhere, and making speeches everywhere, with regular but subject-scattered commentary, at-times with wild implications. And that was Week One. Gone are the days of Joe Biden making “no comment” or

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