Correlation between NOW and crude oil
Between January 1 and May 23, NOW’s (DNOW) correlation with crude oil was 0.38 and the VanEck Vectors Oil Services ETF’s (OIH) correlation was 0.62, lower than their correlation over the year ended May 23. WTI crude oil prices have risen significantly since the end of June 2017.
With its positive correlation with crude oil, DNOW stock could follow WTI prices upward. Meanwhile, a negative correlation would mean an inverse relationship.
Correlation between oilfield service companies and crude oil
Between January 1 and May 23, Precision Drilling’s (PDS) and Core Laboratories’ (CLB) correlation with crude oil was 0.61 and 0.56, respectively, higher than their crude oil correlation over the year ended May 23. In contrast, Patterson-UTI Energy’s (PTEN) correlation was 0.47, lower than it was over the year ended May 23.
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