All Equity Research Reports | Paul Sankey

Energy Transition

Presumption? Hormuz, TOTALEnergies & Shell

Important note: last 24 hours we may see the beginning of a trend of weaker oil prices yet higher Treasury yields. This would be a major and concerning break of the trend of the last month of almost 1:1 postive correlation between oil prices and Treasury yields. The feeling of “something is going to break” indicator is getting to boiling point. But remember, a watched kettle never boils. ~ NFI: I did NOT get invited

Paul Sankey September 29, 2026 10:07 AM No Comments

Energy Transition

Sunday Existential TOTAL Cinema

This morning getting coffee was a wet and blustery experience. That said, my backyard (surrounded by buildings) weather station records 0.6” rain and 20mph wind peak gust (JFK recorded a 56mph gust, but flights basically fine). Nor’Easter fake news? It is more lively out on the Brooklyn Heights Promenade for sure, and the tide is lapping as high as I have seen it along the shore in Brooklyn Bridge Park. The main observation is that

Paul Sankey September 27, 2026 6:43 PM No Comments

Energy Transition

Happy Hour Halff: Empty, Not Halff Full

We enjoyed the hour with Antoine Halff, I do love the French. We were both at the IEA, Paris me manque. Antoine is a Parisian. His IEA role had massively more distinction than mine, I was a humble entry level “B3” (associate, I think I rose to “B5”), he was in charge of the Oil Market Report (Monthly OMR), which is truly a hugely important global oil periodical. Although he describes the OMR as more

Paul Sankey September 25, 2026 12:52 PM No Comments

Energy Transition

Just Peachy: Happy Hour Halff and Diesel

Your correspondent – me – was cursing blue murder yesterday as rumours broke of a White House ban on diesel exports. I was just getting my note, on valuation of refiners based on replacement value, to completion, and, well, it rang one of those bell-gong lines that live in my head, that I shared with you last week. Major oil investor comment: “Diesel export ban? If there is a real shortage it’s inevitable”. Real shortage?

Paul Sankey September 24, 2026 8:26 AM No Comments

Energy Transition

Sunday You can UN-See it

Good afternoon, It is wet here in New York, football season has started, October baseball playoffs loom, the air has chilled towards Fall. Any long-time New York professional dreads the week ahead. “UN Week”. Notwithstanding, this note is a preview and review, from a cynical personal perspective, on UN Week. There is little this week in the way of results. Cracker Barrel reporting will generate some nonsense. Speaking of blowing up a brand, I have

Paul Sankey September 20, 2026 9:16 PM No Comments

Energy Transition

Tom Kloza on Happy Hour – Key Points & Replay

Love chatting to Tom, who really knows his racks. We started with my question: can you name the “Seven Sisters”? The 1970s nickname for the World’s Seven Biggest oil companies? It is like naming the Seven Dwarfs: getting the last one is tough. Source: Zoom, Sankey Research Replay is here, Tom Kloza vs Paul Sankey 60 mins, conversation starts at 4mins: https://analysthub.zoom.us/rec/share/rQEc1XCaXZ6xjlwR-4AMSM5oF0dvlB1I3OmDpNRY5t7HuqoMhfr1LA7eb5c8NX6I.mZ9MB8GNfYOV1EM0?startTime=1789674756000 Key Points Outlook in one line. Taking the other side of Goldman’s recent

Paul Sankey September 19, 2026 10:29 AM No Comments