Correlation between Nabors Industries and crude oil

In the week ending July 6, Nabors Industries’ (NBR) correlation with crude oil was 0.26. Last week, Nabors Industries’ correlation with the VanEck Vectors Oil Services ETF (OIH) was 0.15.

How Nabors Industries Reacted to Crude Oil’s Moves Last Week

Nabors Industries’ 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 Nabors Industries’ stock price if crude oil rises from the current level. Nabors Industries’ correlation with crude oil increased in the week ending July 6 compared to Nabors Industries’ correlation with crude oil in the three months since April 6.

Correlation between oilfield services companies and crude oil

Last week, the VanEck Vectors Oil Services ETF’s (OIH) correlation with crude oil was 0.84, higher than the past three months. Halliburton’s (HAL) correlation with crude oil was 0.58, lower than its three-month correlation.

In comparison, last week, CARBO Ceramics’ (CRR) correlation with crude oil was -0.37, a switch compared to its positive correlation in the past three months. TETRA Technologies’ (TTI) correlation with crude oil was -0.09 last week compared to a positive correlation in the past three months. A negative correlation implies the stock’s price has moved inversely to crude oil prices.

For more on Nabors Industries, read Market Realist’s Nabors Industries and Halliburton Compared to the Industry.

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