Correlation between Nabors Industries and crude oil
NBR’s correlation with crude oil and its implication
The West Texas Intermediate (or WTI) crude oil price has gone up significantly since the end of June 2017. However, crude oil prices have shown weakness over the past week. A negative correlation can benefit NBR’s stock price if crude oil falls.
Nabors Industries’ correlation with the crude oil price has decreased significantly in the week ended February 12, 2018, compared to the previous year to the week ended February 12, 2017.
Correlation between oilfield services companies and crude oil
The correlation coefficient of the VanEck Vectors Oil Services ETF (OIH) with crude oil since February 12, 2017, was 0.41. Helmerich & Payne’s (HP) correlation with crude oil since February 12, 2017, was 0.69.