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.
Wall Street History returns October 22.
Brian Trumbore
