WTI Moves Higher -- May 5, 2022

Updates

Later, 8:33 a.m. CT: yup, there it is. WTI up 2.485; up $2.67; trading at $110.50.

Original Post

Breaking headline: OPEC+ agrees to boost production by 432,000 bpd in June.

• of course, that will take Herculean efforts in Mideast to make up for loss of Russian production:
• oil prices after that announcement? Another surge:
• Brent: up 1.74%; up $1.93; trading at $112.10
• WTI: up 1.485; up $1.60; trending toward $110
• US SPR release: incredibly good timing; was desperately needed; kept WTI from surging to $120 ... or worse

OPEC+ agrees to boost production by 432,000 bpd in June.

• OPEC+: a quota of 42.558 million bpd for June
• Saudi Arabia: 10.663 million bpd
• Russia: 10.663 million bopd (no typo -- both Russia and Saudi have same quota)

Pre-market trading:

• CVX: up 0.51%; up 86 cents; trading at $168.45
• COP: up 1.62%; up $1.68; trading at $103.86 -- earnings released earlier today; beat.
• DVN: up 1.48%; up $1.00; trading at $68.74
• CLR: down 0.6%; down 36 cents; trading at $60.00
  

Others:

• SRE: unchange; trading at $164.51; earnings released earlier today; beat. A $124-stock
• ENB: up 0.46%; up 21 cents; trading at $45.19;
• EPD: down 0.37%; down 10 cents; trading at $26.97;
• KMI: up 0.41%; up 8 cents; trading at $19.36;
• OKE: up 0.43%; up 29 cents; trading at $67.64;