Quote of the day: In a war of ego, the loser always wins

Energy Transition
Paul Sankey

Google -$85bn vs ExxonMobil +$25bn; Happy Hour starting NOW with Paul Cheng

Google vs ExxonMobil cash return A client emailed this morning regarding yesterday’s note. We opened with a couple of bullets: “And when they write the history of the AI bubble 2022-2027, the issuance by Google of $85bn of stock in early June 2026 will be one red line that was crossed.” He stated: “I cannot believe more people aren’t paying attention to this. This is SO obviously “the sign”. Yesterday listening to Bloomberg Surveillance, my

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Energy Transition
Paul Sankey

DOE data: Don’t Break the Rules; Merely Test Their Elasticity.

Yet again, we find the Hormuz situation has actually deteriorated. CNBC today interviewed Israeli PM Netanyahu. He remains hard line, talking Iranian regime collapse. Bond vigilantes are marauding today, 30 year going through 5% again. Equity market doesn’t like it. And when they write the history of the AI bubble 2022-2027, the issuance by Google of $80bn of stock in early June 2026 will be one red line that was crossed. We have said Argentina

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Replay: Brett Gibbs BI on Biofuels outlook

Dear Premium Subscriber, thanks so much for your support. Part of the refining bull case here is the soaring cost of Renewable Identification Numbers (RINs) and the biofuel market tightness in general. I thought Brett Gibbs of Bloomberg Intelligence did a great job of covering the story in one hour. The replay starts around 12mins in terms of actual content. Replay here: https://analysthub.zoom.us/rec/share/NhhB3zUBjgnL5ku-yC4foMLUH2YcpNH1VFCVsHb-FN3Fhj9SGs3AlXaMPyj1drq-.GM_0DATdhkRhx8jX Below, D6 and D4 RINs, not gaining much attention in terms of

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