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US Crude Oil above $65: Which Oil-Weighted Stocks Are Gaining?

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Returns

Between January 17 and January 24, 2018, oil-weighted stocks rose 2.4%. Over this period, US crude oil March futures rose 2.6%. The oil-weighted stocks with the greatest increases over this period are:

KOS was among the oil-weighted stocks with the highest correlation with US crude oil prices in the trailing week. Correlations with oil prices, the stock’s fundamentals, and the broader market movements (SPY) could influence these energy stocks. These factors could explain the increase in SRCI and OAS despite their low correlations with oil prices.

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 oil.

The weakest oil-weighted stocks during this period are:

  • Carrizo Oil & Gas (CRZO): unchanged
  • Hess Corporation (HES): -0.3%
  • Murphy Oil (MUR): -0.5%
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Since February 2016

Between February 11, 2016, and January 24, 2018, US crude oil active futures rose 150.3%. US crude oil hit its 12-year low in February 2016.

The ProShares Ultra Bloomberg Crude Oil ETF (UCO), the United States Oil ETF (USO), and the United States 12-Month Oil ETF (USL) have risen 116.6%, 65.4%, and 59.2%, respectively, and formed oil’s low in 2016. These funds hold and track oil futures. Oil-weighted stocks rose 106.7% from 2016.

The oil-weighted stocks with the greatest increases over this period are:

  • California Resources (CRC): 297.3%
  • Continental Resources (CLR): 206.2%
  • Denbury Resources (DNR): 145.6%

The oil-weighted stocks with the lowest increases or the greatest decreases over this period are:

  • Hess (HES): 44.2%
  • Occidental Petroleum (OXY): 28.3%
  • Carrizo Oil & Gas (CRZO): -0.1%
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