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Quote of the day: Pelé: “Success is no accident. It is hard work, perseverance, learning, studying, sacrifice, and most of all, love of what you are doing or learning to do.”
Energy Transition
Paul Sankey

Ryan Lance/ConocoPhillips End Game: Sell it to Chevron?

I read a Tweet the other day that has been playing in my head: “What if the bubble is only just forming?” That got stuck in my head as we hit all time highs on the S&P5000 – before a Hormuz deal. No question, liquidity is sloshing, with the Treasury Secretary selling Euros to buy Yen… to keep the carry trade alive. Inflating markets. On ConocoPhillips there are other inner monologues in this note that

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Paul Sankey August 6, 2026 1:23 PM
Energy Transition
Paul Sankey

I don’t know where I’m going, but I sure know where I’ve been…

Reminder: we have Valero management live as this week’s Happy Hour. Thursday, August 6th @ 2:30PM ET – note unusual time. Guests: Randy Hawkins, VP International Crude Oil Supply & Trading, and Brian Donovan, VP IR; not sure on Homer Bhullar, CFO, but would not be shocked if he is on. Submit interest: sankeyresearch.com/conference/sankey-strategy-session-valero-interest-form Five questions for Valero: Q1a: Pre- vs post-Hormuz: what changed in your crude slate and product yields, with Russia escalation on

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Paul Sankey August 4, 2026 12:09 PM

Sunday: The Assyrian Came Down Like a Japanese Yen

Greetings, After sending you a UAE note yesterday that tried to start punchy with Hormuz volume charts, then later went back 2,500 years to to Cyrus the Great, Persian Empire I, today we have mostly charts. “You, me, and the UAE” was emailed to you yesterday intra-Saturday. It feels a momentous time in writhing markets, and it feels like the combination of the Japanese Yen, the new Fed Chair, and well, Korea’s Kopsi index, never

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Paul Sankey August 2, 2026 7:26 PM
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