Two New Crude Oil Policies And China Opening Up -- November 11, 2022

Numbers rounded, and some numbers "cherry-picked" to make things look slightly better than they might actually be. But, go ahead, fact-check this stuff. It should make your head spin.

OXY:

• up 5.5% today and was actually higher at one time; up $3.88 (ditto)
• over last two days: from $67.60 to $74.29 = up almost 10% over two days
• I heard Warren Buffett may drink an extra can of Diet Coke today and will stop by McDonald's on the way home.

Over two days:

• COP: from $125 to $135
• CVX: from $178 to $187
• PSX: from $104 to $112
• DVN: from $67 to $72

One day, today:

• COP: up 4%; up $5.13.
• CVX: up 3%; up $5.45.
• PSX: up 4.88%; p $5.18.
• DVN: up 4.15%; up $2.85; and was much higher at the top before profit-taking;

Twitter is quiet; nothing over at CNBC; Urkraine rout; could war be over; steep sanctions on Russia from December 5, 2022? What's going on? As noted Twitter is quiet, as is CNBC and had I not checked, I would have completely missed what's going on. 

The Dow is up only 74 points; at 0.22%, flat; certainly not reflecting what "oils" did.

Other indices up a bit more (S&P 500 up 1% and NASDAQ up 2%) but nothing to indicate the blowout (in a positive sense) the oils are showing.

This is quite incredible.

Only explanation: this time China is serious -- will finally "open up."

And, of course, the two major explicit oil policies by the largest oil producers in the world:

• Saudi Arabia: "Saudi first."
• the US: "no more drilling.

Maybe more on this later, but oil bulls are having an incredible two days.

Now that the midterm elections are over, the fog will clear.

Peter Linder, link here:

• WTI back to $90, on its way too $100
• NYMEX gas price over $6
• winter is coming
• US gas drilling faces Biden's "no more drilling" policy
• buy what you like
• favorite oil producer: Whitecap Resources: clean Canadian oil.
  
• favorite gas producer: NuVista: Wapiti Montney.
  
• no recommendation, not an investment site.

North Texas:

• 36°F tonight; colder on Sunday -- and it's only mid-November

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And World Leaders Complain About Flaring In The Permian

Link here.