Chevron: the storage economics stopped needing the subsidy

Unsubsidised four-hour storage clears in three markets on merchant economics alone. That changes who the buyer is and how the contracts are written.

Omar Farouk@omar_farouk

Evidence · 3 cards

The case

Chevron: the storage economics stopped needing the subsidy

Unsubsidised four-hour storage clears in three markets on merchant economics alone. That changes who the buyer is and how the contracts are written.

The edge

The Street says

Consensus models the cycle turning in the second half
Sell-side target clusters within 8% of spotAuto

I say

The turn already happened in order intake two quarters ago
My number is 14% above the street on the out yearCreator est.

The steelman

The counterpoint

“If this were as mispriced as you say, the largest holders would have added rather than trimmed.”

The counter-counterpoint

They trimmed for position-limit reasons that show up in the 13F footnotes. Two of the three added in the vehicles that do not have the limit.

The analyst chose to be challenged and answered on the record.

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CVXLong

Open

Entry$153.02

NowPending

45d horizon

PositionNo position

Compensation

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This is research, not financial advice. Calls lock at publish and are graded by the market; they can be and often are wrong. Do your own research and consider your own circumstances before acting.