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Crude Oil above $50: Which Energy Stocks Could Benefit?

PART:
1 2 3 4 5
Part 4
Crude Oil above $50: Which Energy Stocks Could Benefit? PART 4 OF 5

Natural Gas–Weighted Stocks That Are Correlated with Oil

Correlations

The natural gas–weighted stocks that had the highest correlations with US crude oil (UCO) (USL) active futures between September 11 and September 18, 2017, follow:

  • WPX Energy (WPX): 94.5%
  • Antero Resources (AR): 94.1%
  • Rice Energy (RICE): 93.3%
  • Cabot Oil & Gas (COG): 91.7%
  • EQT Corp. (EQT): 90.8%

Natural Gas–Weighted Stocks That Are Correlated with Oil

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These natural gas–weighted stocks are from the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). Also, these oil-weighted stocks operate with a minimum 60% production mix in natural gas.

The natural gas–weighted stocks that had the lowest correlations with oil prices during this period are:

  • Southwestern Energy (SWN): 81.9%
  • Range Resources (RRC): 78.9%

These two stocks had the highest correlation with natural gas prices in the past five trading sessions. We discussed this topic in Part 3 of this series.

Oil’s role in driving natural gas–weighted stocks

Oil is important to the energy sector. Natural gas prices often follow the dynamics in oil prices. On a short-term basis, oil’s role could be vital. In the final part of this series, we’ll discuss the returns of these natural gas–weighted stocks.

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