Crude Oil and Share Prices
Brian Trumbore
President/Editor, StocksandNews.com

With the price of crude continuing to rise, over 60% year to date as of this writing, I thought we'd take a look at the relationship between the price and the major energy indexes, the OSX (Oil Service?some representative components - Baker Hughes, Halliburton, Nabors, Schlumberger) and XOI (Major 'Integrateds'?such as - British Petroleum, ChevronTexaco, Royal Dutch, Total and Exxon Mobil).

2004

Date?..Oil??XOI?.OSX
10/15?54.93?.699?..119
10/8?..53.31?.719?..123
10/1?..50.12?.707?..123
9/24?..48.88?.689?..120
9/17?..45.59?.673?..117
9/10?..42.83?.655?..113
9/3??43.99?.651?..114
8/27?..43.18?.631?..109
8/20?..46.72?.629?..107
8/13?..46.03?.626?..103
8/6??43.95?.621?..104
7/30?..43.80?.651?..111
7/23?..41.71?.637?..109
7/16?..41.30?.660?..112
7/9??39.96?.648?..108
7/2??38.39?.637?..107
6/25?..37.55?.637?..107
6/18?..39.00?.634?..105
6/11?..38.65?.610??99
6/4??38.49?.605??97
5/28?..39.88?.604??98
5/21?..39.93?.590??95
5/14?..41.38?.609??98
5/7??39.93?.607??98
4/30?..37.38?.604?..103
4/23?..36.46?.609?..105
4/16?..37.74?.614?..106
4/9??37.14?.600?..102
4/2??34.39?.589?..101
3/26?..35.73?.572?..100
3/19?..38.08?.590?..105
3/12?..36.19?.588?..104
3/5??37.26?.604?..109
2/27?..36.16?.593?..107
2/20?..35.60?.581?..104
2/13?..34.56?.578?..105
2/6??32.48?.561??99
1/30?..33.05?.563?..100
1/23?..34.94?.577?..102
1/16?..35.07?.564??95
1/9??34.31?.565??98
1/2??32.52?.563??93

12/31/03?32.52?.562?.93

12/31/02?31.20?.446?.86

12/31/03-10/8/04

Oil?..+64%
XOI?+28
OSX...+32

12/31/02-12/31/03

Oil?..+4%
XOI?+26
OSX...+8

Of course earnings growth and expectations are still prime factors in determining share prices, and thus the indexes as well as the direction of crude itself.

Notes: Prices for 6/11 and 4/9 reflect the day before due to Reagan funeral and Good Friday. Oil futures market closed 1/2/04, stocks open.

Sources: My own database, Yahoo Finance.

Brian Trumbore