Oil-weighted stocks’ returns

On November 14–21, our list of oil-weighted stocks fell 0.6%—compared to the 3.2% fall in US crude oil January futures. On average, our list of oil-weighted stocks outperformed US crude oil prices.

Which Oil-Weighted Stocks Are Outdoing Oil’s Fall?

Outperformer

Below is the list of the oil-weighted stocks that rose the most in the trailing week:

  • EOG Resources (EOG) rose 8.1%.
  • Concho Resources (CXO) rose 5.2%
  • California Resources (CRC) rose 4.3%.

On November 15, EOG Resources, Concho Resources, and California Resources rose 3.6%, 1.9%, and 4.5%, respectively. On the same day, US crude oil January futures rose 0.4%. The news of a possible production cut might have supported these oil-weighted stocks. EOG Resources and Concho Resources moved in tandem with oil prices in all of the instances in the past five trading sessions. California Resources moved opposite in one instance during this period. California Resources had the lowest correlation of 65.6% with oil prices on our list of oil-weighted stocks on November 14–21.

Below is the list of the oil-weighted stocks that fell the most in the trailing week:

  • Oasis Petroleum (OAS) fell 6.4%.
  • Whiting Petroleum (WLL) fell 6.5%.
  • Denbury Resources (DNR) fell 12.8%.

All of these oil-weighted stocks had correlations of at least 74% with US crude oil prices in the seven calendar days to November 21. Oasis Petroleum had the fifth-highest correlation with oil prices, which we discussed in the previous part.

All of these oil-weighted stocks are part of the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). They operate with production mixes of at least 60.0% in liquids based on their latest quarterly production data. Liquids include crude oil, condensates, and natural gas liquids.

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