S&P 500NA+NA+NA%

NasdaqNA+NA+NA%

VIXNA+NA+NA%

DXYNA+NA+NA%

CONA+NA+NA%

WTI94.92+0.67+0.7109%

NATTY3.65+0.05+1.3889%

Quote of the day: The only way to deal with an unfree world is to become so absolutely free that your very existence is an act of rebellion. Albert Camus

Energy Transition
Paul Sankey

News from the Frontline of the Nuclear Arms Race

Churchill’s Neutrinos OR Going Big on Small (Modular Reactors) This short note is mostly about nuclear power news, but we also dabble in molten salts, indirect meltdown references, fake control rooms, moon power, XOM CCS, Scandinavian architecture, and Diamondback buying unproven nuke technology. ~   One of my heroes is Churchill – my father as a young British Foreign Office civil servant once nearly knocked him back, an aging world statesman, entering as Churchill exited a

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Energy Transition
Paul Sankey

Sunday Homage to Spanish Girls

Greetings from Madrid, Orwell was privileged, a student at Eton, he pursued the fight against fascism, to the point of joining and fighting in the Spanish anti-fascist forces. In “Down and Out in Paris and London” he joins the homeless, and lives as a homeless, in the 1930s. In “Road to Wigan Pier” he does the same in Briitish industrial cities. In “Homage to Catalonia”, from where I am writing to you, he literally went

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Tomorrow Jeanine Wai on Happy Hour RSVP

Dear Paul Please advertise Happy Hour ASAP – last week was a mess with about 50% of clients registering after the start time.  It is really helpful to have as many clients preregistered as possible. Thanks! Consider ourselves warned! Upcoming Premium Strategy Session Date/Time – Thursday, October 17th, 4PM ET Guest – Jeanine Wai – VP, IR North America – TotalEnergies Registration Link – Click Here Jeanine has been on the road meeting major investors

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Energy Transition
Paul Sankey

Morning Mayfair October Grey

Mayfair, London, meeting an oil analyst at a major macro fund this morning, we had a most enjoyable meeting – for me at least – as I pitched the lateral nature of Sankey Research, vs the vertical silo nature of Wall St research. Basically he had worked at refiners, E&Ps, banks, and now commodity traders/macro, and I was arguing that barrel counters in global oil analysis are good at oil markets, but horrible at oil

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Energy Transition
Paul Sankey

Sunday Citizens Caned

Greetings, Columbus Day tomorrow, market holiday in USA – boooo from London. But in the personal section of this note I wonder if it is time for my US citizenship. It will be too late for me to vote in November, but what a thriller this US election is proving to be. “Joe Biden deliberately sabotaging Kamala’s campaign” is one headline here in London – what does that mean for Israel going after Iran energy

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Energy Transition
Paul Sankey

The Permian Big Unit: ExxonMobil’s MO (Magnus Opus)

With ExxonMobil approaching a December 11th analyst day, which we believe is not only a major milestone in the company’s history, but also global oil & gas history, we did what we did with Guyana. We took it to the mat. In this extensive note, we went back through every ExxonMobil conference call and analyst meeting, starting with the company’s completely wrong forecast for the US hydrocarbon balance in 2006, through the 2010 XTO deal,

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