Correlation between Schlumberger and crude oil

Last week, Schlumberger’s (SLB) correlation with crude oil was 0.63. The strong correlation implies that the stock closely tracked crude oil’s movements. Schlumberger’s correlation with the VanEck Vectors Oil Services ETF (OIH) was 0.75.How Schlumberger Reacted to Crude Oil Moves Last Week

Schlumberger’s correlation with crude oil

The WTI crude oil price has risen significantly since the end of June 2017. A positive correlation could have a positive impact on Schlumberger’s stock price if crude oil rises from the current level. Schlumberger’s correlation with crude oil was unchanged in the week ending June 15, compared to Schlumberger’s correlation with crude oil in the past three months since March 15.

Correlation between oilfield services companies and crude oil

Last week, the VanEck Vectors Oil Services ETF’s (OIH) correlation with crude oil was 0.98—higher than the past three months. Weatherford International’s (WFT) correlation was 0.37—also higher than its three-month correlation.

In comparison, last week, CARBO Ceramics’ (CRR) correlation with crude oil was 0.36—a steep decline compared to its correlation in the past three months. TETRA Technologies’ (TTI) correlation with crude oil was 0.34 last week—lower than the past three months. Lower or falling correlations with oil mean a lower or decreasing influence from oil prices on the movements of these stocks.

For more on Schlumberger, see Market Realist’s Schlumberger and Halliburton Compared to the Industry.

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