Correlation between Tenaris and crude oil
TS’s correlation with crude oil and its implication
The price of WTI (West Texas Intermediate) crude oil has risen significantly since the end of June 2017. A positive correlation could benefit TS stock if crude oil rises. Tenaris’s correlation with crude oil decreased in the week to March 7, 2018, compared to the same week in the previous year.
Correlation between oilfield services companies and crude oil
The correlation coefficient of the VanEck Vectors Oil Services ETF (OIH) with crude oil since March 7, 2017, was 0.66. The correlations with crude oil since March 7, 2017, for Weatherford International (WFT), Carbo Ceramics (CRR), and Tetra Technologies (TTI) were 0.42, 0.45, and 0.42, respectively.