WTI: moving higher; could we see an 8-handle next week?
- CVX: up $2.38; up $1.68; biggest winner on the Dow for the week;
- COP: up $3.79; up 3.45%;
- PSX: up $2.68; up 2.62%;
- MPC: up $3.39; up 2.81%
- ENB: up 58 cents; up 1.48%
Big story today: Russia announces an immediate 500,000-bopd cut in production.
- why Russia cut production (my hunch: she missed the real reason);
- OPEC+ has no plans to react to Russia's surprise production cut (headline error?)
- did this affect WTI? Not really.
Russia has lost the energy war: link here.
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