Energy 2023-09-12: Unchanged at "STRONG" strength rating (4th strongest of 9 levels), previous move was DOWN

Brian Degracia

12 Sep 2023 • 2 min read

Energy industry for the trading week ending 2023-09-12 - no changes.

Bottom line: Energy has generally been flat for the past 10 weeks, even with recent oil price increases.
Key stocks: XOM, CVX, TTE, COP, BP, PBR, SLB, EQNR, EOG, CNQ (top 10 by market cap).
Context: The industry has seen 65% positive stocks YTD, improving from that high number to 83% positive stocks over the past month.

One week, YTD, and one month reviews below, along with links to past reviews.

1 Week Detail

Overview

No sub-industry strengthening or weakening (6 total sub-industries).

Strongest at Stronger rating (3rd strongest of 9 levels):
1. Tie, Major Integrated O&G, O&G Equipment & Services, O&G Refining & Marketing

Weakest at Weak rating (6th strongest):
1. O&G Drilling & Exploration

10-Week Industry/Sub-industry Week-by-Week Comparison

Major Integrated Oil & Gas (home of the heavy hitters XOM and CVX, among others) has slowly but surely been strengthening over the past 10 weeks.

Individual Stock Leaders and Laggards

Current strongest and weakest stocks are shown below. These are of most interest as the downtrodden are prone to large (if perhaps temporary) pops while the strongest have been leading the charge for their sub-industries.

Current ratio of Strongest to Weakest stocks is 60:9. 9/5/23 ratio 55:8, 8/22/23 ratio 50:12. What could be wrong with the 9 Weakest-rated stocks in the strong industry?

Historical Context - YTD and 4 week Lookbacks

Standout winners and losers for different lookback periods are shown below including their sub-industries.