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Which Energy Stocks Could Be in Danger if Oil Keeps Stalling?

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Part 3
Which Energy Stocks Could Be in Danger if Oil Keeps Stalling? PART 3 OF 5

These Natural-Gas-Weighted Stocks Are Following Natural Gas Prices

Natural gas

On November 13, 2017, natural gas (UNG) active futures were down 1.4%. On the same day, natural gas futures settled at $3.16 per MMBtu (million British thermal units).

These Natural-Gas-Weighted Stocks Are Following Natural Gas Prices

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However, forecasts of cooler weather ahead may help natural gas rise. In the past five trading sessions, natural gas active futures rose 1.1%, while US crude oil active futures fell 1%. Over this period, the S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA) fell 0.2% and 0.5%. Oil returns in negative territory could be a greater concern for broader markets.

Natural-gas-weighted stocks

Natural-gas-weighted stocks that could closely follow natural gas based on their trailing week correlations with natural gas are:

  • Range Resources (RRC): 65.9%
  • Southwestern Energy Company (SWN): 63.3%
  • WPX Energy (WPX): 53.6%
  • EQT Corp (EQT): 51.7%

Natural-gas-weighted stocks that could be least affected by natural gas’s movements based on trailing week correlations are:

  • Cabot Oil & Gas (COG) at 2.5%
  • Chesapeake Energy (CHK) at -7.2%

We have used natural-gas-weighted stocks from the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) after applying a filter to select only those with production mixes of at least 60% in natural gas.

 

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