How ConocoPhillips Stock Performed Last Week
Crude oil prices moved upward
In the week ended March 9, 2018, crude oil (USO) (USL) increased moderately, from $61.25 per barrel to $62.04 per barrel, an increase of more than 1%. Crude oil saw a mixed trend in the week, rising on Monday and Tuesday to regain its 50-day moving average. However, prices then fell on Wednesday and Thursday before rising again on Friday to close the week positively. Currently, crude oil is trading at $62.04, below its 50-day moving average of $62.57 but above its 200-day moving average of $53.59.
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Last week, natural gas rose for a third week, from $2.69 per MMBtu (million British thermal units) to $2.73 per MMBtu.
ConocoPhillips’s stock price
Due to higher crude oil (USO) prices last week, ConocoPhillips stock rose ~2%, from $54.06 to $55.06. The stock increased strongly on Friday, mainly due to crude oil prices rising that day.
Last week, ConocoPhillips stock fell below its 50-day moving average, and unless COP moves above it, a new uptrend is unlikely. COP’s 50-day moving average is an important resistance level. Correction in COP’s stock ended in December 2017, when COP moved above its 50-day moving average. As of March 9, COP was trading at $55.06, whereas its 50-day and 200-day moving averages were $56.36 and $49.31, respectively.
Due to higher crude oil prices last week, the Energy Select Sector SPDR ETF (XLE) rose~2%. ConocoPhillips peers that also underperformed the Energy Select Sector SPDR ETF (XLE) included EOG Resources (EOG) and Pioneer Natural Resources (PXD). EOG and PXD increased by ~1% and ~2%, respectively, last week. In the next part, we’ll look at COP’s correlation with crude oil.