How Did Schlumberger React to Crude Oil Prices Last Week?
Correlation between Schlumberger and crude oil
Schlumberger’s (SLB) correlation with crude oil prices from February 2, 2018, to February 9, 2018, was 0.72. Schlumberger’s correlation with the Dow Jones Industrial Average (DJIA-INDEX) from February 2, 2018, to February 9, 2018, was 0.76.
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SLB’s correlation with crude oil and its implication
The West Texas Intermediate (or WTI) crude oil price has gone up significantly since the end of June 2017. A strong positive correlation can negatively affect SLB’s stock price if crude oil falls. Schlumberger’s correlation with crude oil prices has decreased in the week to February 9, 2018, compared to the previous year to the week ending February 9, 2017.
Correlation between oilfield services companies and crude oil
The correlation coefficient of the VanEck Vectors Oil Services ETF (OIH) with crude oil since February 2, 2018, was 0.11. Weatherford International’s (WFT) correlation with crude oil since February 2, 2018, was -0.44. CARBO Ceramics’ (CRR) correlation coefficient since February 2, 2018, was 0.08, while TETRA Technologies’ (TTI) correlation coefficient since February 2, 2018, was -0.38.
Read Market Realist’s How Schlumberger and Halliburton Stack Up after 4Q17 Results. Also, check out Market Realist’s Schlumberger and Halliburton: A Comparison after 4Q17.