S&P 5003699.12+32.4+0.88%

Nasdaq12464.23+87.05+0.7%

VIX20.79-0.49-2.3%

DXY90.7-0.01-0.01%

CO49.05+0.23+0.47%

WTI46.09+0.38+0.83%

NATTY2.55+0.041+1.63%

Quote of the day: “I think currency war would be a bit of a dramatic term to use right now, but you could say there have been some early warning shots,” said UBS’s head of emerging market strategy Manik Narain. “And if this currency strength continues, these countries could start to push back harder.” Competitive currency devaluations are blamed by economists for exacerbating the 1930s Great Depression and dragging for decades on world trade by fostering protectionism. The cycle usually starts with tit-for-tat interest rate cuts and interventions, but can quickly escalate into capital controls or investment taxes to ward off hot foreign money like that now flooding into emerging markets.

Chevron
Paul Sankey

Friday Sankey 12/4/20

What is the most dangerous part of a car? The nut holding the steering wheel. Who is this Pavlov guy? I cannot place him. But his name rings a bell. Using a cinnamon stick to stir your Christmas party drink is not a religious act. It’s egg nog stick. They call it the Labrador market – delighted with everything it bounds after. NASDAQ yay! Bitcoin yay! Copper yay! And thus, as we said in our

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Events and Invitations
Paul Sankey

Morning Sankey 12/3/20

Save the Date for the 11th Annual Sankey Research refiners conference January 4th & 5th 2021. We have all six major independent US refiners line up for a series of fireside chats with yours truly: Marathon Petroleum, Valero, Phillips 66, HollyFrontier, Delek and PBF, with a couple more to be added. All at C-Level. Contact me for details. Last evening rumours broke that OPEC has reached a deal to gradually increase production in a tapered

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Companies Overview
Paul Sankey

Morning Darren

ExxonMobil’s press release last night entitled “ExxonMobil to prioritize capital investments on high-value assets” begs the cynic to ask “what exactly would you say you were doing before?” Well, here is the history answer and it is not pretty. But, this is all looking backward, we will look forward directly in this note with a strategy suggestion. And by “what were you doing before?” we mean this is a twenty-year question. Brief conclusions: the $20bn

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