Natural gas–weighted stocks
The same set of natural gas–weighted stocks had the highest correlations with natural gas prices among our list in Part 3. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) contains these energy stocks. These energy stocks operate with at least 60% production mixes in natural gas.
The natural gas–weighted stocks that could be less affected by oil’s upside based on the trailing week’s correlations with US crude oil futures are:
The same set of natural gas–weighted stocks also had the least or the most negative correlations with natural gas prices on our list.