By Paul Sankey
Published on March 18, 2021 at 8:49 AM
Yesterday’s DOE data was brutal for US refiners and particularly PBF. We had been hoping for a much more bullish picture – we got increases in crude AND product inventories. Imports surged particularly into New York Harbor – hence the PBF reference – as European refiners, desperate for market, scramble to attack the surge in gasoline prices caused by the Texas Crisis. This should be a brutal month for refiners, as the quarter ends and […]
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By Paul Sankey
Published on March 7, 2021 at 12:19 PM
This past week saw the worst market for US crude since modern records begin in 1990. We saw the lowest US domestic crude oil demand in thirty years or more. Who would have known it from the oil price action and oil market mood? Right when the scale of the Texas crisis hit, in terms of lost power, I was writing to you and on Bloomberg TV saying that this is a full-scale national crisis, […]
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By Paul Sankey
Published on January 5, 2021 at 8:41 AM
Valero webinar today! Me vs CEO Joe Gorder and team. Not too late to register on www.sankeyresearch.com Briefly OPEC+ noted: Russia wants to increase production, to satisfy its own private oil companies and probably thinking of inflicting sustained pain on US E&Ps as much as anything. Saudi wants to maintain cutback discipline, probably concerned about future oil supply shortages if the global industry faces another year of low prices in the $40/bbl on high OPEC […]
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