The Saudis are cutting oil prices and plan to dramatically ramp production. Oil closed at $42/bbl on Friday and is indicating around $32/bbl now. WOW. This is economic warfare against Russia, but the effects will be widespread, and likely not good. Will be nice at the pumps - unless you live in CA or NY, sub $2.00/gal gas is coming - but the ensuing instability in rogue petro-states could have some nasty unintended consequences.
I'll let the usual board experts provide additional color.
XLE was yielding almost 9% on Friday, and will surely be over 10% tomorrow. Unreal.
Be safe out there.