Holy Mackerel -- I Wasn't Paying Attention -- February 7, 2023

Whenever the market gets a bit too "funky" or "frustrating" for my tastes, I will quit following the market completely, quit watching CNBC completely, won't even check my Schwab account. I go completely "off the financial grid" as it were. I religiously keep investing every first and third week of each month but I don't pay attention to the price of the shares I'm buying. I just stick to the plan, but I don't follow the market.

For the past two weeks, perhaps slightly less, I forget, I haven't been paying attention to the market.

So, tonight, bored to death, as they say, with no news worth following -- except to think again about the individual who won the Grammy for "song of the year" but I digress.

So, bored to death, as they say, scrolling through my twitter feed for the umpteenth time, this popped up:

So, let's take a look:

Well, that got my attention. Let's go through the list, at the close today:

• XOM: up $3.20; up 2.86% 
• CVX: up $4.47; up 2.64%
• COP: up $4.54; up 4.22%
• OXY: up $3.05; up 4.96% 
• TTE: up $1.53; up 2.54%;
  

• EOG: up $3.86; up 3.20%
• HES: up $5.96; up 4.34%
  

• PXD: up $7.55; up 3.46%
  
• DVN: up $2.08; up 3.46%;
• CHRD: up $3.42; up 2.47%
• CRC: up $1.41; up 3.52%
  

• NOG: up $2.21; up 7.08%
  

• KMI: up 11 cents; up 0.63%
• OKE: up 88 cents; up 1.28%
• WMB: up 42 cents; up 1.31%

• MPC: up $5.76; up 4.95%
• VLO: up $6.48; up 5.06%
• PSX: up $4.19; p 4.27%;
  

• EPD: flat today;
• ENB: up 25 cents; up 0.62%
• SRE: down 55 cents; down 0.35% 

• SLB: up 80 cents; up 1.51%
• RIG: up 42 cents up 6.12%
  

For the complete list, click here.

Several random, unrelated comments:

• first, I didn't look at today's API numbers; I seldom do; it's the EIA numbers that most analysts seem to take more seriously and they come out tomorrow;
• second, my first thought went back to this post -- I think analysts finally figured this out, and came to the same conclusion I came to (by the way, I never posted that conclusion -- I thought it so obvious, I didn't have to actually "say it");
• third, and this might be most important: this "breakout" all happened before the SOTU was given when it was said that President Biden went off-script and "admitted" / acknowledged that the world would still need oil for at least another ten years (translation: global oil demand will continue to increase over the foreseeable future, i.e., more than ten years, and the increase in demand may last even longer than that);
• fourth, how big a factor were the comments made by the CEO of BP actually responsible for this "breakout"?
• fifth: a reminder that ESG is dead; and, that renewable energy is not making their investors any money; 
• sixth: for all intents and purposes, WTI was flat, up maybe 0.4% at most.

Miscellaneous:

• RIG: link here. This, in various forms, came up numerous times on my twitter feed. Either someone is "pumping" this stock, or there's something on. In a good way.