By Paul Sankey
Published on May 5, 2021 at 8:31 AM
Brent is approaching $70/bbl, with big API draws released yesterday evening, a level that can hide a multitude of strategic sins for oil companies, at least upstream. Be warned, we have had a couple of strategic doozies this year, but with that said, the majority of companies are bang on script, notably Devon last night underlined what an upside surprise cash return to shareholders can do for your quarterly results. Analysts can fiddle and fuss […]
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By Paul Sankey
Published on March 18, 2021 at 8:49 AM
Yesterday’s DOE data was brutal for US refiners and particularly PBF. We had been hoping for a much more bullish picture – we got increases in crude AND product inventories. Imports surged particularly into New York Harbor – hence the PBF reference – as European refiners, desperate for market, scramble to attack the surge in gasoline prices caused by the Texas Crisis. This should be a brutal month for refiners, as the quarter ends and […]
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By Paul Sankey
Published on February 16, 2021 at 8:15 AM
Big growing move in Treasuries. Supports long oil and growth to value rotation. We always said that the Fed will not get inflation without oil inflation. The continuation of the theory was that the Fed/Treasury can control dollar printing, and buying US$. But what is the major factor over which they have zero control? Oil. And now natural gas. The point is that treasury rates are moving, quite aggressively by the standards. Charts at end […]
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