We have seen some big changes in the numbers of planned >1% projects across the various key commodities.

Our bottom up estimate of what the GPU cost is for a single ChatGPT query.

Ramping EV production involves a lot of different time frames.

Bernstein's Stacy Rasgon on the strength in chips and whether the worst is behind the sector

While renewable projects yield lower IRRs vs. upstream oil & gas projects, upstream returns can be highly volatile. Investing in low carbon projects helps reduce earnings volatility, making the business case for oil majors to gradually diversify away from fossil fuel.

Surprisingly, there is no correlation between vaping & heated tobacco usage.

US shale oil productivity dropped sharply last year underpinning a higher margin cost.

We expect over 300 new electric vehicles this year.

US Alcohol per capita consumption accelerated through the pandemic led by spirits, Tequila in particular.

We think 2023 could see record LNG project announcements to fill in the looming supply deficit.

Whilst there might be some disagreement about the absolute level, everyone agrees we need more renewables.

While lead times are normalising, you’ll still have to wait almost a year for a new Porsche in Europe.

The global marginal cost of oil rose 14% in 2022 to $83 per barrel.

China is the only lodging market globally to still be below 2019 RevPAR levels.

As the main driver of Nickel demand transitions from stainless steel to EV batteries, we will need to add production capacity.

This PC cycle is pretty shocking.

The big got bigger – eCommerce consolidated through the pandemic

YTD, the absolute contribution from the ten largest stocks is the biggest ever.

Another way to show the extraordinary concentration of stock returns so far this year…

Your periodic reminder that the oil industry has to run pretty hard just to stand still.