BP stock has been rising in the current quarter. The rise in the stock price is in line with increased crude oil prices and equity markets in the quarter.
BP has the highest correlation coefficient of 0.60 with WTI, followed by Shell at 0.57. Meanwhile, ExxonMobil and Chevron have relatively low correlations.
ExxonMobil and Chevron surprised markets with strong third-quarter earnings results on Friday. Their adjusted EPS beat analysts' estimates.
BP will release its third-quarter earnings results on October 29. In the quarter, integrated energy companies faced severe business conditions.
Today, the EIA reported its US crude oil inventory data for the week ended July 26. Here's what you can expect from crude oil prices as July ends.