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Reading ConocoPhillips's Winning Performance Last Week

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Reading ConocoPhillips's Winning Performance Last Week PART 1 OF 4

ConocoPhillips Stock Rose Every Day Last Week

A strong rise in crude oil and natural gas prices

Last week (ended September 15, 2017), crude oil (USO) prices rose from $47.48 per barrel to $49.89 per barrel—a rise of more than 5%. On Thursday, crude oil prices not only successfully moved above their 200-day moving average but also reached a higher high in its daily price metrics.

Technically, this could be an indication of potentially higher prices for crude oil. Currently, crude oil’s 200-day and 50-day moving averages stand at $49.64 and $47.78 respectively. Natural gas (UNG) prices were also up big, gaining ~5% last week. Natural gas prices rose from $2.89 per MMBtu (million British thermal units) to $3.02 per MMBtu.

ConocoPhillips Stock Rose Every Day Last Week

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COP’s stock performance

Due to impressive performances from crude oil and natural gas, there was a strong positive sentiment across the energy sector, with oil and gas production companies receiving maximum benefit. ConocoPhillips (COP) stock was no exception, rising ~5%.

Last Week, COP’s stock price showed a rising trend on all five days of the week, rising from $44.47 to $46.51. COP’s stock price closed the week marginally above its 200-day moving average, which stands at $46.50. However, COP’s 50-day moving average stands at $44.09 and is below its 200-day moving average, which is technically a bearish sign for the stock.

Peers

The Energy Select Sector SPDR ETF (XLE) also produced a strong ~4% rise. XLE easily outperformed the SPDR S&P 500 ETF (SPY) last week, which rose ~1.6%. Other peers that showed impressive rises last week include W&T Offshore (WTI), Encana (ECA) and Murphy Oil (MUR), which climbed ~26%, 13%, and ~8%, respectively.

In the next part of this series, we’ll look at COP’s correlation coefficient with crude oil prices.

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