As oil rallies, here are the stocks with most and least sensitivity to crude prices

Posted By: ndeeney

bymuratdeniz

Oil prices are following the OPEC+ meeting where Saudi Arabia agreed to further cuts in production.

Saudi will curtain output by another 1M barrels per day.

WTI (CL1:COM) (USO) +2% and Brent (CO1:COM) (BNO) +2% are up, but off earlier highs.

“We’re leaving our price forecasts unchanged for now and still expect ICE Brent to average US$96 over the second half of this year,” ING says. “The macro outlook continues to be a more important driver for prices than fundamentals at the moment.”

Looking to stocks, BofA analyzes all stocks in the MSCI AC World Index (ACWI) Energy, Materials and Industrials sectors for oil price sensitivity.

“We define Oil Price Sensitivity for each stock as the regression coefficient from regressing 60 months of monthly price returns against the 3-month change in the Oil Price – Brent Crude,” BofA said.

Top 15 global stocks positively sensitive to oil price:

Alcoa (NYSE:AA)
APA (APA)
Diamondback Energy (FANG)
Doosan Enerbility
First Quantum (FM:CA)
Freeport-McMoRan (FCX)
Halliburton (HAL)
HMM
Jindal Steel
Marathon Oil (MRO)
Petro Rio (OTCPK:PTRRY)
Pilbara Minerals (OTCPK:PILBF)
Plug Power (PLUG)
Targa Resources (TRGP)
Yang Ming

Top 15 global stocks negatively sensitive to oil price

Aselsan
Asian Paints
Ball (NYSE:BALL)
Barrick Gold (GOLD)
Berger Paints
Coterra Energy (CTRA)
Kintetsu (OTCPK:KINUF)
Misumi Group (OTCPK:MSUXF)
Nippon Paint (OTCPK:NPCPF)
Odakyu Electric Railway (OTCPK:ODERF)
Pidilite Industries
Thomson Reuters (TRI) (TRI:CA)
Tobu Railway (OTCPK:TBURF)
Tokyu (OTCPK:TOKUY)
West Japan Railway (OTCPK:WJRYF)

More on oil

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