By Paul Sankey
Published on October 27, 2020 at 9:10 AM
Today: how many CEOs per barrel? The calculation was triggered by BP results this morning, which underline our description that the oil market has settled at an equilibrium of “exquisite pain” – sustaining almost exactly $40/bbl since the beginning of Q3 (Brent broke $40/bbl for the first time post-COVID on 5th June and has hugged the price ever since). This is the planning assumption that we believe oils have to assume as their base case. […]
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By Paul Sankey
Published on October 4, 2020 at 11:24 AM
Obviously, the week ahead will be dominated by the twin horsemen of COVID and bailout. We are making history. In this note, XOM is now worth less than Jeff Bezos, even after his divorce. Nextera has become the largest energy stock in the US. We also show XOM compared to Big Tobacco, to show this is not all ESG. The oil market looks rough, as we had warned all summer, it would be post Labor […]
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By Paul Sankey
Published on September 20, 2020 at 11:37 AM
Good day! A chill September wind is blowing across Brooklyn Heights, as summer officially ends and fall very much starts. The market is feeling chills too, with COVID continuing to present a major challenge to policy-makers globally. We remain extremely frustrated by the excessive lock down requirements in New York despite effectively zero COVID. With massive testing, less than 1% positives are being found, and essentially no deaths (statistically speaking). This past week we quoted […]
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