By Paul Sankey
Published on May 15, 2022 at 3:56 PM
Happy Sunday in May, Never a bad thing. Fog this morning has lifted. Aramco results this morning rounded out a week when it became the largest stock in the world by market capitalization, surpassing Apple (not by free float, the Saudi government owns 94%). It generated an enormous profit in a quarter when Brent averaged just about $100/bbl (actually $99.53/bbl Q1 average). Refining earnings, as well as continued huge upstream earnings, will be even […]
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By Paul Sankey
Published on May 1, 2022 at 2:48 PM
Happy May Day Sunday, Today in partnership with Greg Bordelon of Isentropic Capital, we publish a note on natural gas markets by way of thesis overview to a theme that we will continue to pursue. The note is long graphics, and particularly interesting on US markets. If you only want to read half, read the second US half. It is as noted graphic intense. European gas markets are fundamentally far more un-analysable than US right […]
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By Paul Sankey
Published on February 27, 2022 at 12:22 PM
Well, this bloody mess was why we could not believe Russia would launch a full Ukraine Invasion. Reports that Ukraine has fought back and held Kharkiv are somewhat incredible – Ukraine’s second largest city is to the east and very close to Russia. The idea that Russia could not take control here, is a massive problem for Putin. Military experts are expressing surprise that Russia has not obtained air control, and is suffering logistics issues. […]
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