By Paul Sankey
Published on October 30, 2022 at 6:27 PM
Week ahead: Fed decision and plenty of earnings. Last week was a big one for markets, to say the least. Mega-cap tech bombing the tape. Worked out great for the oils and energy. A client said my chart of oils’ share of market earnings are too low: I have the group at 5% of the S&P500, but 10% of the earnings of the market, he is getting energy earnings at 15% of the market, which […]
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By Paul Sankey
Published on September 11, 2022 at 4:48 PM
It was a week that started with the Queen accepting a new British Prime Minister, and ended a new King Charles III and the always-somber 9-11. It is a miserable late summer day in New York, drizzle from a windless grey sky. With due respect, there is not a lot in those events directly relevant to oil/energy, and no doubt the last thing you need is more coverage from me. Rather, there is lots of […]
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By Paul Sankey
Published on August 26, 2022 at 9:31 AM
We have spoken about the structural shortage of US refining capacity repeatedly. We have warned that the US refining system has been running very hard, but has been unable to keep inventories from all time lows relative to demand, particularly for distillate. And we have underlined that distillate (think diesel for my newbie readers) is the default “convenience premium” fuel when natgas and coal get short. It is easier to transport, and generally directly substitutable. […]
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