Exploration & Production (E&P) stocks have rallied nearly 90% in just a month and a half but their recent relative strength vs Crude Oil would suggest it could still have much further upside.
The correlation between the E&P vs Oil ratio & E&P Stocks has been very strong historically and is recently at its lowest level of all-time.
In order for this relationship to reassert itself we'll need to see prices either catch-up or catch-down to another. XOP USO CLM2020
The correlation between the E&P vs Oil ratio & E&P Stocks has been very strong historically and is recently at its lowest level of all-time.
In order for this relationship to reassert itself we'll need to see prices either catch-up or catch-down to another. XOP USO CLM2020