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Quote of the day: Pelé: “Success is no accident. It is hard work, perseverance, learning, studying, sacrifice, and most of all, love of what you are doing or learning to do.”
Energy Transition
Paul Sankey

You, Me, and the UAE; Oil Export Volumes, History & Present Situation

Illustrated below, Hormuz flows split crude oil vs products. We note the extent to which the war has interrupted oil product supplies globally, especially to Asia and Europe. Source: Kpler, Sankey Research, Claude The market tends to focus on the crude oil impact, but in reality it is gasoline trading at $150/bbl wholesale, not crude at $90/bbl. We did not quite get the celebrated $250/bbl, but Asian jet fuel hit $240.50/bbl on 4 March —

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Paul Sankey August 1, 2026 3:37 PM No Comments
Energy Transition
Paul Sankey

Happy Hour, C’est Moi: Open mike today, next Thursday Valero Head of Trading

Today, if anyone wants to join, I will do an open mike session as our Happy Hour this week. 4pm ET by Zoom. It might be just you and me if you dial in. Which is good by me. I made a presentation to 100 insurance executives yesterday and I have been on both Bloomberg TV and Radio this morning, so I am rapping. Open Mike Discussion July 30th 2026: https://sankeyresearch.com/conference/sankey-strategy-session-open-mic-interest-form/ Things to chat about:

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Paul Sankey July 30, 2026 12:54 PM No Comments
Energy Transition
Paul Sankey

Riding the Oilfield Service Rodeo, with HAL, PUMP, and WTF

Publishing a note on Sunday has become existential for me, so I apologise for not getting this note out yesterday. This is my Sunday note… so late it is on a Monday. I have stripped it down to be mostly about Halliburton. What started as a quick look at Halliburton’s results for Sunday, then got tangled with Liberty Energy down -25% on its results last week, SLB results then had that stock moving strongly higher

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Paul Sankey July 27, 2026 7:33 PM No Comments

Happy Hours: Ed Westlake 4pm today, Valero Randy Hawkins, head of trading, August 6th

Thursday, July 23rd @ 4PM ET Guest: Ed Westlake, former lead oil analyst at Credit Suisse, CEO/Founder Wonderland Submit Interest: Click Here Thursday, August 6th @ 2:30PM ET Guests: Valero –Randy Hawkins- VP International Crude Oil Supply & Trading, and Brian Donovan – VP, IR Submit Interest: Click Here Please join this afternoon for Ed Westlake, I think it will be a great chat and a unique combination of a former top oil sellside analyst

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Paul Sankey July 23, 2026 10:20 AM No Comments
Energy Transition
Paul Sankey

You what?!? Magnolia dilutes into M&A; COP enters Iraq

It was said that the late, great oil legend Steve Chazen, former CEO and Chairman of Oxy and then founder of Magnolia Oil & Gas, had one of three responses to emails: “Yes”, “No” and “Have you lost your mind?” Two recent announcements had us questioning which reply to send. HOUSTON–(BUSINESS WIRE)–Jul. 17, 2026– ConocoPhillips (NYSE: COP) today announced it has agreed to terms with bp to acquire a 42% interest in BP Energy Company

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Paul Sankey July 21, 2026 1:55 PM No Comments
Energy Transition
Paul Sankey

Sunday Three Problems Two Doors One Cup

As a battle-scarred veteran of being a US Travel Soccer Dad, it is no new experience for me to travel for days to a big match and come back defeated and furious with the coach. Briefly to get it out of the way, a couple of things from the point of view of being present in Atlanta for the worst England capitulation since the fall of Singapore (February 1942, some 80,000 British Empire forces under

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Paul Sankey July 19, 2026 2:39 PM No Comments