Brent Over $120; WTI Trending Toward $115 -- The Market -- March 23, 2022

Updates

Later, 10:35 a.m. CT: EIA weekly petroleum report.

Later, 10:34 a.m. CT: whoo-hoo! It's a stock-picker's market. The overall market is down today, but for some folks, I would wager, their portfolio is doing very, very well. Oil just went over two milestones:

• Brent: over $120
• WTI: over $115
• and, this time, "it feels real.

Later, 9:16 a.m. CT: whoo-hoo! On the day the market is down, AAPL, surprisingly, bucks the trend; breaks through $170 again (it was at $155 just a few days ago). Who would have ever thought AAPL was a trading stock? LOL. 

Later, 9:00 a.m. CT: oil

• Brent: $120.90
• WTI: $114.40.

The #1 reason energy stocks are not following the price of oil "up": fear of windfall profits tax.  

Essay recommendation: from today's Literary Hub. Nothing to do with the Bakken or energy. The most successful madam in (US?) history. Speaking of which:

• the last madame of Montana.

Original Post

Diesel, how bad is it? Really bad. Link here.

What is the plural of doofus? The banks shunning oil sector leaving billions of dollars on the table, as they say. Look at this. Oil, 8:03 a.m. CT, March 23, 2022, this time "it feels real":

• oil:
  
• Brent: up 3.4%; up $3.89; trading at $119.40;
• WTI: up 3.3%; up $3.59; trading at #113.20.
• oil stocks of interest in pre-market trading:
• CVX: up 1.15%; up $1.90
• COP: up 1.62%; up $1.65
• PSX: up 1.52%; up $1.21
• EOG: up 3%; up $3.62; trading at $124.45; 52-week high, $123.19.
• DVN: up 2.5%; up $1.52; trading at $62.15;
• MNRL: down a percent; pays 4.25%;
• ENB: up 0.64%; up 29 cents
• EPD: up 0.86%; up 21 cents:
• BRK-B: up a few pennies but now above $350; six months ago: $270.
• SRE: this $124-stock now up slightly; trading at $158; 52-week range, high, $160; pays 2.9%
• Others:
• AAPL: down about a buck; after closing up $3.44 yesterday;
• FSK: down every so slightly; trading at $22.29; one month ago, $21.76; six months ago: $22.36; pays 11.3%;
  

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

Disclaimer: I have a buy-and-hold position in almost all of the stocks listed above, but specifically and importantly, I have never had a position in FSK and doubt I ever will. 

Disclaimer: I have a very, very small position in Hershey but that has absolutely nothing to do with investing. I have never added to that position after the initial position decades ago.

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What "Demand Destruction" Is Not

Link here.

Definition of "demand destruction" here.

Demand destruction is a permanent downward shift on the demand curve in the direction of lower demand of a commodity, such as energy products, induced by a prolonged period of high prices or constrained supply. In the context of the oil industry, "demand" generally refers to the quantity consumed (see for example the output of any major industry organization such as the International Energy Agency), rather than any measure of a demand curve as used in mainstream economics.

Key word: "permanent."

It appears for some, "permanent" can be as short on a month or so.