By Paul Sankey
Published on January 23, 2022 at 2:52 PM
In the war of the market, we have reached a crucial battleground: the 200-day moving average on the S&P500. Do we hold, do we bounce, do we break? That is pretty simple; we broke the 200 last week. Re-gaining it will be a battle. And by the way, we broke the 200-day on the Nasdaq like throwing a crystal decanter against a brick wall. The market went through the NASDAQ 200 like a falling chain […]
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By Paul Sankey
Published on November 9, 2021 at 9:22 AM
Heading to a group meeting with new EOG CEO Ezra Yacob this afternoon, this note takes a look back at the history of the company from my perspective. As the oil age continues, and as global oil supply gets visibly tight against the remarkable 100mb/d of demand globally (>1,000 barrels per second of global oil consumption), we think the market will begin to pay more attention to inventory levels and reserves replacement rates. There was […]
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By Paul Sankey
Published on August 5, 2021 at 8:52 AM
With EOG rounding out oils’ earning season after the market yesterday, we had the final disappointment as oil prices test downside support levels breaking $70/bbl (Brent, WTI already broke into the upper $60s.) Expectations of an excess cash return special or splashy buyback announcement by EOG were dashed. Nothing. Just good free cashflow in a $70/bbl+ tape and the promise to pay down more debt by 2023. This is not the first disappointing Q2 earnings, […]
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