Menu

S&P 500NA+NA+NA%

NasdaqNA+NA+NA%

VIXNA+NA+NA%

DXYNA+NA+NA%

CONA+NA+NA%

WTI99.61+1.71+1.7467%

NATTY5.6-0.165-2.8646%

All Reports

Linkedin Twitter Instagram

Latest Sankey Links

Sunday Existential TOTAL Cinema

Tags
Antero Apache Aramco Biden BP cheniere Chevron China CNQ ConocoPhillips COVID Delek Devon Diamondback Enterprise EOG eqt ESG European Gas EVs ExxonMobil Hess hollyfrontier India Inflation Iran li-cycle LNG Marathon Petroleum MPC Natgas Natural gas Oil Demand Oil Markets Oil Prices Oils share of S&P500 OPEC Ovintiv Oxy PBF Pioneer PSX refiners Refining Russia Shell solar Suncor Sunrun Tellurian Tesla TOTAL Energie Trump Ukraine US$ US Natgas US Oil Demand US Oil Production Valero Washington DC

Links to Research

Morning Sankey

Macro / Oil Markets

Companies / Micro

Sunday Sankey

Quote of the day: “The real problem of humanity is this: we have Paleolithic emotions, medieval institutions and godlike technology.” E.O Wilson
Energy Transition
Paul Sankey

Meet Your Next President (Ossoff Bluenami)

Oof well, we have been working a lot on refining valuation these past weeks, and the refiners got absolutely smashed today. Shout out to the trading desk (I can give you their name but don’t have permission right now to quote) for calling $350/share as the bounce point in Valero, which was down over -10% (low $347.25, -10.4% intraday) at that point, the trader nailed the call in an email to clients. Old School Peabody

Read More »
Paul Sankey November 4, 2026 7:35 PM No Comments
Energy Transition
Paul Sankey

US Refining: Mr Icahn plans for a sprint, not Marathon

Well, refining is boiling oil, and we got two major refining surprises in four days, with the announcement today that Marathon is selling two rather nice Midwest refineries to Carl Icahn’s Coffeyville, for an absolutely massive price. Key takeaway repeats what we already told you: Valero got Lyondell Houston for a song. Marathon did not have to sell. There is no particular evidence that the company needed the cash, quite the contrary. This is a

Read More »
Paul Sankey November 3, 2026 9:34 PM No Comments
Energy Transition
Paul Sankey

Malthusian Traps vs AI; Oils vs the Market

Greetings, Two big things today, we approach the week with Mid-term Election trepidation, after a violent end to last week, and Apple earnings etc tomorrow. Plenty of oil earnings. By Friday we will be all-but done, with EOG reporting. A major Long Only client pointed out that BP earnings estimates are far too low, on a stock that already looks extremely cheap. We had a little mutter about the Sellside these days, by which there

Read More »
Paul Sankey November 1, 2026 9:03 PM No Comments
Energy Transition
Paul Sankey

Premium Only: Transcript/Zoom Robin Mills, live from Dubai, Intelligence

Paul: How does life in Iran relate to the regime under this pressure? Robin: There were huge protests in January, put down very brutally, with thousands killed. Some of the higher numbers are nonsense, but clearly many thousands were killed and many others detained. That happened before the war. From the regime’s point of view it was almost the best thing that could have happened: they killed or imprisoned a lot of potential troublemakers just

Read More »
Paul Sankey October 31, 2026 9:13 AM No Comments

Big Oil Q3: Team Valero & “Run the Refineries”

Today, results day, you would think that ExxonMobil and Chevron would be absolutely delighted… …with Valero announcing a major refinery restart this morning, right as the Mega US Oils announced massive quarterly results… driven by refining… driven by soaring diesel prices… right before the Mid-Terms… that are swinging Blue… on diesel prices/general global political mayhem. Hence: “We are re-opening a major US refinery” Valero’s line is terrific right here right now, fantastic political fodder for

Read More »
Paul Sankey October 30, 2026 3:08 PM No Comments
Energy Transition
Paul Sankey

Middle East Energy/Geopolitics expert at 12pm NOW: Robin Mills live from Dubai by Zoom

Terrific Happy Hour at 12pm – very shortly – with Robin Mills, a stone-cold Dubai-based geopolitics & energy expert, who was excellent on our prior call in March this year. Guest – Robin Mills, Non-Resident Fellow at the Center on Global Energy Policy & CEO of Qamar Energy. TODAY Thursday 10/29 at 12pm ET *** Note Time *** (to accommodate Robin live from Dubai where he is based). Registration – https://sankeyresearch.com/conference/sankey-strategy-session-robin-mills-interest-form/ Full bio at end

Read More »
Paul Sankey October 29, 2026 10:07 AM No Comments