Trading the oil spike: These stocks tend to closely follow crude's moves

  • 📰 CNBC
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 72%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

West Texas Intermediate futures are up more than 6% this week, after OPEC+ announced production would be cut by more than 1 million barrels per day.

That would also mark crude's first three-week winning streak since December. @CL.1 5D mountain Oil up big this week. Higher oil prices could put upward pressure on inflation and potentially force global central banks to keep rates elevated for longer than anticipated. This could have a negative impact on the broader stock market. However, it could also mean gains for some companies.

Pro looked at the 100-day rolling correlations of S & P 500 stocks to West Texas Intermediate futures to see which names tend to follow oil the closest. We screened for those names with current correlations of 0.5 or more. We also filtered for stocks with average correlations dating back to 2015 of 0.5 or more. In other words, a 1% move on WTI would be associated with a 0.5% gain on the stock. Perhaps not surprising, the 13-most positively correlated stocks to oil are energy names.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

West Texas telecom construction company HQ relocates to PlanoThe firm’s new corporate headquarters is in the Placid Business Center on Placid Avenue near downtown Plano. Midland Tower is leasing almost 7,200 square feet...
Source: dallasnews - 🏆 18. / 71 Read more »