US Crude Oil above $50: Some Oil-Weighted Stocks Are Outperforming
Between September 11 and September 18, 2017, oil-weighted stocks rose 10.7% on average compared to the 3.6% advance in US crude oil November futures. When US crude oil rises above the psychologically important level of $50, it could be a big driver for the profits of these oil-weighted stocks.
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These oil-weighted stocks are from the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). Also, these stocks operate with a minimum 60% production mix in oil.
Oil-weighted stocks that outperformed in the trailing week follow:
In the trailing week, DNR, WLL, and CRC had correlations over 85% with US crude oil active futures. We discussed this topic in Part 1 of this series.
Oil-weighted stocks that underperformed in the trailing week follow:
Price performance since crude oil’s 12-year low
Between February 11, 2016, and September 18, 2017, US crude oil active futures rose 92.1% compared to a 44.5% rise in these oil-weighted stocks. This measure is meant to track US crude oil futures.
Oil-weighted stocks that outperformed during this period follow:
Oil-weighted stocks that underperformed during this period follow: