While oil prices have cooled off on recessionary fears, CVX CEO Mike Wirth believes they'll recover once the market realizes that the supply issues haven't gone away. Because of that, the recent sell-off in oil stocks could be a buying opportunity. If oil prices bounce back, as Chevron's CEO believes they will, their stock prices will likely follow crude higher. That's because they'll produce even more cash to return to shareholders until more favorable policies are in place to boost supply.
The current narrative there is an inventory surplus of oil miraculously overnight comes from tactics of market makers to manipulate the price of crude.
All is fair in love and war but my money is with Wirth and Chevron. Chevron's ER on 7/29 will be through the roof.$Chevron(CVX)$