US crude oil
On April 25, US crude oil June futures rose 0.5% and closed at $68.05 per barrel, despite a bearish inventory report. However, between April 18 and April 25, US crude oil June futures fell 0.6%. The prices are just ~0.9% off their more-than-three-year closing high of $68.64 per barrel.
Bearish inventory data
In the week ended April 20, US crude oil inventories rose 2.2 MMbbls (million barrels), a surprise increase against the market’s expected fall of 1.6 MMbbls. The EIA (U.S. Energy Information Administration) reported inventory data on April 25.
The following oil-weighted stocks could be the most sensitive to oil’s moves based on the past five trading sessions’ correlations with US crude oil June futures:
- Callon Petroleum (CPE): 95.5%
- WPX Energy (WPX): 93.2%
- Concho Resources (CXO): 92.9%
- RSP Permian (RSPP): 91.3%
- Hess (HES): 80.6%
These oil-weighted stocks are part of the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). They operate with a production mix of at least 60% in liquids based on their latest quarterly production data. Liquids include crude oil, condensates, and natural gas liquids.