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

2023-06-05 08:05:44 ET

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:

1. Alcoa ( NYSE: AA )
2. APA ( APA )
3. Diamondback Energy ( FANG )
4. Doosan Enerbility
5. First Quantum ( FM:CA )
6. Freeport-McMoRan ( FCX )
7. Halliburton ( HAL )
8. HMM
9. Jindal Steel
10. Marathon Oil ( MRO )
11. Petro Rio ( OTCPK:PTRRY )
12. Pilbara Minerals ( OTCPK:PILBF )
13. Plug Power ( PLUG )
14. Targa Resources ( TRGP )
15. Yang Ming

Top 15 global stocks negatively sensitive to oil price

1. Aselsan
2. Asian Paints
3. Ball ( NYSE: BALL )
4. Barrick Gold ( GOLD )
5. Berger Paints
6. Coterra Energy ( CTRA )
7. Kintetsu ( OTCPK:KINUF )
8. Misumi Group ( OTCPK:MSUXF )
9. Nippon Paint ( OTCPK:NPCPF )
10. Odakyu Electric Railway ( OTCPK:ODERF )
11. Pidilite Industries
12. Thomson Reuters ( TRI ) ( TRI:CA )
13. Tobu Railway ( OTCPK:TBURF )
14. Tokyu ( OTCPK:TOKUY )
15. West Japan Railway ( OTCPK:WJRYF )

More on oil

• U.S. drilling rig count drops again; oil rigs fall by most since September 2021
• Are We Past The Bottom For Oil Prices?

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