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Sunday Sankey

Quote of the day: By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens. – John Maynard Keynes
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Paul Sankey

Sunday Guyana, the Sequel: Namibia

Today, after a preamble, perhaps ramble, a rant, we talk about Namibia. It is clearly emerging as the next Guyana. What does that mean for the world? More market supply shift towards the Atlantic Basin, offsetting Russia, pressuring capital & quota discipline in the Middle East. Structurally adds to the death of Peak Oil Supply as a concept, if you missed the burial. Namibia can add incremental oil that pressures prices to the detriment of

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Paul Sankey April 21, 2024 6:02 PM No Comments
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Paul Sankey

Oil Earnings Results Post-Performance FWIW

A major client liked the chart we published last week, highlighting that Schlumberger has a pattern of under-performing quarterly earnings reports. Quod Errat Demonstrandum, as SLB under-performed on its results yesterday, despite a headline beat. All you can analyse is the margins, and guidance outlook change. They came in neutral to mildly negative on a stock that is relatively expensive. SLB was down -2.14% in a tape which saw the mighty energy sector XLE power

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Paul Sankey April 20, 2024 10:16 AM No Comments
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Paul Sankey

Morning Kinder, and Gentler Marchetti

<Brooklyn rap radio/Jamaica DJ horn> BBBRRRRAAAAP!: Tonight on Happy Hour, Tommy Marchetti. 4PM ET open mike. Plenty of chat as energy earnings started last night with Kinder and continue tomorrow with Schlumberger. Fresh from his four years at Cornerstone Macro then Piper Sandler as Global Energy Strategist, oil on Wall Street legend Tom Marchetti will be giving his stream of consciousness tonight. Starting as an accountant with KPMG, Marchetti joined J Aron/Goldman Sachs in 1994,

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Paul Sankey April 18, 2024 8:48 AM No Comments
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Paul Sankey

Morning Bits and Bobs

Today’s note is just bits and bobs: In the oil space, we are at 75% of peak media attention. Any higher, is generally a sell signal, but we are not quite there yet. It takes $100/bbl+ or $4.50/gallon nationwide pump price for me to get the call from the Mitch Albom Show which is peak USA Today territory. Mitch has sold 40m books (The Five People You Meet in Heaven etc) and runs a conservative

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Paul Sankey April 17, 2024 10:41 AM No Comments
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Paul Sankey

Sunday Masters and Servants

What with violent gales yesterday, hostile, cold, windy, wet weather here in Brooklyn, and Patricia busy, there was me loafing around the apartment with bored dogs. I found myself non-plussed after a couple of pretty bad Premier League games, and descended into watching The Masters Saturday golf for three hours straight. I barely follow golf. Pondering the emergence of a world #1, Scottie Scheffler, who I had literally never heard of, who plays amazing, with

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Paul Sankey April 14, 2024 4:21 PM No Comments
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Paul Sankey

Hess very latest: Stabroek Whiptail Sanctioned

News: An amended S4 was filed today by Chevron. New news is that they asked the tribunal (International Chamber of Commerce in the Hague) for the merits of the case to be heard in Q3 with a decision by year end. News: Guyana Stabroek partners sanction a 6th Guyana floating production and storage vessel (FPSO) as expected. Whiptail will develop >850 mmboe for $12.7B, an encouraging improvement on finding and development (F&D) basis relative to

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Paul Sankey April 12, 2024 10:52 AM No Comments