Correlation of BP stock with WTI
The correlation of BP (BP) stock with WTI (West Texas Intermediate) stood at 0.49 in May 2017. That implies that changes in WTI could justify about 49.0% of the changes in BP stock in May. BP’s correlation in May is lower than the one-year average, which was 0.56.
Royal Dutch Shell’s (RDS.A) correlation with WTI fell in May to 0.34, compared to the one-year average of 0.59. However, the correlations with WTI for ExxonMobil (XOM) and Chevron (CVX) were higher at 0.56 and 0.59, respectively, in May.
The one-year correlations for XOM and CVX were 0.50 and 0.53, respectively. For the likely direction of oil prices, please refer to Brent and US Crude Oil Futures Diverged, SPY Hit a Record.