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Quote of the day: In a war of ego, the loser always wins
Energy Transition
Paul Sankey

Sunday 100 Days of Hormuzitude

So there it is, 100 Days of Hormuz. Homework this week is easy, just a few words on Bunker Markets. Globally refiners are straining to meet max clean product needs (JetFuel, Distillate, Mogas), and it is marginal products that are heading towards physical shortages in June, such as US base oils (the Pennzoil for your AC Cobra, there are already shortages as we have covered), and Bunker fuel for ships, a marginal product dominated by

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Paul Sankey June 7, 2026 6:37 PM
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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Paul Sankey June 4, 2026 3:56 PM
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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Paul Sankey June 3, 2026 6:42 PM
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