Oil stocks are an island of green in a sea of red today, as higher commodity prices and steadily improving fundamentals against a back drop of geopolitical supply risk drives shares higher. As the wave of Omicron has resulted in fewer restrictive travel measures from Governments outside of China, refining margins are actually sitting at their best seasonal levels since 2018, according to Valero's gulf-coast, weekly indicator margins. The front month price of Brent crude oil, minus the second month price sits at just under $1, suggesting consumers (refiners) are paying a hefty premium to get supplies in the door quickly, an indication that the physical crude market remains tight. Paired with heightened rhetoric surrounding the Russian / Ukrainian border, security of supply concerns provide a bullish backdrop for the commodity. Wrapping it all together, WTI (NYSEARCA:USO) has fallen ~2% from recent 7yr highs, even as the market (NYSEARCA:SPY) has fallen ~10%,
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