Oil prices are up 6% as commodity traders and investors bet on oil shortages as a result of Russian sanctions. Meanwhile, not only are oil producer stocks up today, but REFINERS are also up today between 4-8% on oil prices. If oil refiners weren't able to completely pass on their cost increases (at a profit), then their stocks would be falling as analysts revised their balance sheets to determine their long and short oil positions.

On the flip side, oil producers who have idled the majority of their drilling rigs know their fixed costs on maintaining existing wells makes them a profit in excess of $80-$90 dollars per barrel produced at sites. Which explains why their stocks are soaring. As are dividends to shareholders. But not, you'll notice, are the majority of these profits being put into drilling new wells. Why? Current fracking technology allows the life of existing wells to be extended for years, compared to pre-2000s and wells created prior to fracking being widespread are being made productive again.