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Why Rise in Oil Could Be Necessary for Energy Stock Momentum

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Part 4
Why Rise in Oil Could Be Necessary for Energy Stock Momentum PART 4 OF 5

Is Oil Swaying Natural-Gas-Weighted Stocks?

Correlation with WTI crude oil

Natural-gas-weighted stocks that had the highest correlations with US crude oil active futures in the past five trading sessions are:

  • WPX Energy (WPX) at 94.4%
  • EQT (EQT) at 92.4%
  • Rice Energy (RICE) at 90.1%
  • Cabot Oil & Gas (COG) at 89.3%
  • Gulfport Energy (GPOR) at 87.7%

Is Oil Swaying Natural-Gas-Weighted Stocks?

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Natural-gas-weighted stocks that had the lowest correlations with US crude oil prices in the trailing week are:

  • Range Resources (RRC) at 77.7%
  • Antero Resources (AR) at 73.4%

Understanding oil’s role

US crude oil (OIIL) (DBO) prices often influence natural gas prices. In the trailing week, natural gas had a correlation of 89.7% with US crude oil prices. Moreover, changes in oil prices are important to the whole energy sector. Thus, in this short timeframe, these natural gas-weighted stocks showed higher correlations with oil prices compared to natural gas.

These natural gas-weighted stocks operate with a minimum 60% production mix in natural gas. These stocks are part of the SPDR S&P Oil & Gas Exploration & Production ETF (XOP).

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