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Current DateTime: 06:01:01 11 Nov 2009
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Current DateTime: 06:01:02 11 Nov 2009
LinksList Documentid: 30111251
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Which Stocks are Gaining with Oil's Rise?
Published: Thursday, 21 May 2009 | 10:09 AM ET
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Crude oil reached a six-month high on Wednesday, lifted by a significant drop in oil inventories ahead of the summer driving.  US sweet crude for July delivery closed yesterday at $62.26 per barrel; the first time the commodity closes above this level since November 10, 2008.

As crude prices edge higher helped by a weakening dollar, which fell to its lowest level since early January on Tuesday boosting demand for dollar-denominated commodities, the S&P 500 Energy sector has nearly erased most of its losses for the year, trading down 0.66% YTD as of yesterday's close.

However, the trade is reversing today, as the dollar gains some strength, and crude [US@CL.1  Loading...      ()   ] prices pull back.

As of yesterday's close, crude oil prices were up 83.23% since their lowest close this year of $33.98 on February 12.  Will upward momentum on crude futures continue as hopes of a healing economy emerge? If so, a look at the S&P 500 energy group might provide some guidance to investors seeking to place bets on crude prices moving higher.

Three out five subgroups within the the S&P 500 Energy sector have posted gains greater than 14% year-to-date.  Leading the gains, the S&P 500 Oil & Gas drilling group has jumped 31% in 2009, followed by the Gas & Equipment and Gas Exploration groups with gains of 30%, and 14%, respectively.

The following table provides a sample of some of the biggest-percent-gainers YTD from these leading subgroups in the S&P 500 Energy sector.


At the pump, the AAA current national price for regular gas is $2.362 per gallon, down about 38% from a year ago. 

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