An Empirical Model for Oil Producing Company Index

The purpose of this study is to investigate the relationship between the stock price of oil producing companies and various other macro-economic measures.

The linear regression is done with OSX counter as a proxy to oil producing companies and the independent variables are:

1. The price of Crude Oil (WTI_Price)
2. Weekly Estimate of Crude Oil Reserves (Including SPR)
3. Weekly Estimate of Crude Oil Reserves (Excluding SPR)
4. Baltic Dry Index (BDI)
5. JPYUSD
6. AUDUSD
7. EURUSD
8. GBPUSD
9. CADUSD
10. 1 Month LIBOR
11. 3 Month LIBOR
12. 6 Month LIBOR
13. 12 Month LIBOR
14. The S&P500(SPX)
15. Dow Jones Industrial Average Index(DJIA)
16. Weekly Initial Jobless Claims Data

The variables were regressed using SPSS.

Final model yields:



The study and its results can be found here