Oil prices are on a tear to start the new quarter, and if history is any guide, some stocks are better positioned to benefit from rising prices. Oil surged as much as 8% on Monday after OPEC+ announced it was slashing output by 1.16 million barrels per day. Analysts warned that the move could push oil back above $100 per barrel, a level it hit last year for the first time since 2014 amid the war in Ukraine . The recent surge comes after oil prices tumbled last month to their lowest since December 2021 as Silicon Valley Bank’s collapse rattled traders and spurred fears that a banking crisis could dent global economic growth. As of Monday morning, West Texas Intermediate crude hit its highest level since Jan. 27 while Brent crude traded near its highest level since March 7, and both benchmarks could post their best days since April 12, 2022. With oil prices at highs, CNBC Pro screened for S & P 500 stocks that consistently win during these times. We looked for stocks positive during the five months over the last five years when oil notched its biggest gains (May 2020, November 2020, January 2019, February 2021 and January 2022), and names that saw the greatest median gains. Here are the names that made the list: Given their close correlation to oil prices, it’s no surprise that energy stocks topped the list. SLB is the best performer on average when oil prices rise. During the last five biggest monthly gains over the last five years, the oilfield services company saw a median gain of 25.7%. It saw its biggest individual monthly gain in November 2020, when it popped 39.2%. Shares gained more than 8% on Monday. SLB 1D mountain SLB shares pop as oil prices rise EOG Resources and Halliburton rounded out the top three, with median gains of 25.5% and 23.8%, respectively. Other big energy winners include Valero Energy , Baker Hughes , Pioneer Natural Resources and Phillips 66 , with a median gain of 17% or more. While energy stocks, on average, benefit most when oil prices rise, other sectors also prosper. That includes financial services stocks such as American Express (9.9%), Mastercard (11.9%), Visa (9.2%) and Discover Financial Services (12.6%). A slew of banking stocks also made the list, including regional names like Comerica , Zions Bancorporation and KeyCorp . The sector’s come under pressure in recent weeks amid the collapse of Silicon Valley Bank rattled investors. All three stocks gain a median of at least 8.1% when oil pops, with Zions surging 16.8%. ZION YTD mountain Shares have fallen more than 38% this year Bank behemoths Morgan Stanley and Bank of America also made the cut, gaining a median of 12.1% and 15.5%, respectively. Even after a volatile March for the banking sector, Morgan Stanley shares are up 3.4% year to date. Bank of America shares have shed 13.1% on the year. Elevated oil price winners outside these sectors include travel stocks Alaska Air Group , Expedia and Booking Holdings . Deere and Mosaic also met the criteria.
