Quote of the day: The only thing more powerful than hate is love

A Major Client Asks… Intelligence Responds

Paul, Saw your comments re: the Strait [of Hormuz]. Trying to get a sense of why tanker volume is so low between 1. Insurance 2. Voluntary – “let’s wait” 3. Iranian posturing 4. Fear of attacks 5. Actual attacks… etc… Agree with you that certainly don’t have the Navy to do it and mining seems like an extreme step so question really I guess is what does it take to get tankers (non Chinese/Russian) moving

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Sunday Mencho, Mensch, and Mojtaba

Short note today, I’m sick. Under the weather. It has been a crazy week to say the least, starting last Sunday with the assassination of Mexican Cartel boss El Mencho, directly inconvenienced and certainly struck fear into several members of my wife’s family (Puerto Vallarta airport attacked etc, although the footage of the burning plane was fake). Reeling from El Mencho last Sunday, we then got two feet of snow in 12 hours that served

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Energy Transition
Paul Sankey

Sunday Distilling US Distillate

Pondering the potential disaster of the incoming blizzard that has started here. Our Monday JFK flight to London at 9am… Cancelled First world problem Some 80% of the world’s population has never taken a plane. As of 4pm snow barely an inch ~ This note is a bullish US Distillate note. Strong demand, flat supply. Bullish complex refiners such as Valero, Marathon Petroleum and PSX, but the rising tide lifts all US refining boats, assuming

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