Energy Stocks Soar On Jump In Oil; Goldman Expects Spike In Energy Market-Cap Weighting WithIn SP Energy Stocks Soar On Jump In Oil; Goldman Expects Spike In Energy Market-Cap Weighting WithIn SP With tech stocks still reeling from the post-CPI rout (with the bizarre exception of Tesla which is enjoying another gamma squeeze), it is energy stocks'' turn to shine because after dumping yesterday even as commodities rebounded, with big thanks to the White House for setting an $80 "Biden bottom" in oil, and reminding us that the SPR drawdown will end at some point. Some ballpark math according to Goldman suggests there is ~20 mmbls remaining over ~5 weeks. In any case, energy equities are surging, aided by the continued jump in WTI which just hit $90 on news that Chinese mega city Chengdu is easing Covid restrictions, while optimism about an end to Covid Zero comes from the Reuters news that Moderna has talked with the Chinese government about supplying COVID-19 vaccines; at the same time, nat gas prices jumped 5.6% as temperatures rise in the US and on the possibility that coal shipments could be disrupted by a rail strike.