Oil and Gas COVOL Common Volatility Analysis
COVOL Index for Wednesday, February 18, 2026:0.6867 (-0.0833)
COVOL data for
COVOL Loadings
| Loading | VW Loading | |
|---|---|---|
| PetroChina Company Limited | 0.2850 | 7.4987 |
| Anadarko Petroleum Corp | 0.2521 | 1.6047 |
| Shell PLC | 0.2471 | 0.8670 |
| BP PLC | 0.2443 | 0.8722 |
| Eni SpA | 0.2240 | 0.8104 |
| Devon Energy Corp | 0.2187 | 1.6264 |
| EOG Resources Inc | 0.2186 | 1.3507 |
| Halliburton Co | 0.2089 | 1.7026 |
| Repsol SA | 0.2059 | 0.9256 |
| Chevron Corp | 0.2000 | 0.5973 |
| Exxon Mobil Corp | 0.1992 | 0.5445 |
| Occidental Petroleum Corp | 0.1971 | 1.1886 |
| Kinder Morgan Inc/DE | 0.1912 | 0.6315 |
| SLB Ltd | 0.1888 | 1.1079 |
| X9996251D.US | 0.1882 | 0.6209 |
| Princ Comp #1 | 0.1876 | 0.5923 |
| Suncor Energy Inc. | 0.1856 | 1.0980 |
| ConocoPhillips | 0.1843 | 0.8118 |
| Petroleo Brasileiro SA | 0.1669 | 1.7671 |
| Ecopetrol SA | 0.1618 | 1.0556 |
Top COVOL Events (new events in boldface)
| Date | COVOL | Event | |
|---|---|---|---|
| 1 | Oct 7, 2003 | 89.53 | Oil and gas running out faster than global warming |
| 2 | Apr 12, 2019 | 67.50 | Sanctions on Iran and Venezuela; U.S. crude oil production record high; Global Youth Climate Strike |
| 3 | Mar 9, 2020 | 62.31 | COVID - All of Italy is locked down, Saudi Arabia / Russia oil price war |
| 4 | Jun 22, 2001 | 53.58 | Exxon accused of human rights abuse, OPEC signals output would remain steady |
| 5 | Dec 7, 2001 | 45.72 | Israeli–Palestinian conflict |
| 6 | Jan 5, 2026 | 43.03 | US military strike on Venezuela and capture of President Maduro; Energy and defense stocks surge on geopolitical volatility |
| 7 | Apr 3, 2025 | 32.05 | Global equities slide as U.S. imposes broad new import tariffs |
| 8 | Mar 14, 2014 | 30.92 | Russia–Ukraine gas disputes: Annexation of Crimea |
| 9 | Jul 21, 2005 | 28.82 | Uncertainty surrounding the effects of China's currency revaluation; attacks on London's Underground and mixed earnings reports; Saudi Arabia's record budget surplus; Terasen B.C. Oil Spill |
| 10 | Nov 6, 2024 | 27.12 | Donald Trump elected president of the United States |
| 11 | Oct 31, 2003 | 26.04 | Stocks Tumble, Spurred by Dive in Consumer Confidence |
| 12 | Nov 9, 2020 | 25.55 | COVID - Pfizer early trial data suggests vaccine is 90% effective; Oil soars 8% on promising COVID-19 vaccine results; Joe Biden elected president of the United States |
| 13 | Jun 1, 2010 | 24.68 | Deepwater Horizon oil spill. US to investigate possible criminal prosecutions |
| 14 | Jun 24, 2016 | 24.37 | Brexit |
| 15 | Nov 8, 2007 | 20.69 | Global Financial Crisis - Asian markets crash; Cosco Busan oil spill |
| 16 | Sep 16, 2019 | 20.41 | Drone attack on critical Abqaiq–Khurais oil processing facilities |
| 17 | Feb 28, 2022 | 18.95 | Russia invades Ukrained; Sanctions on Russia |
| 18 | Mar 18, 2020 | 18.63 | COVID - Oil dropped in 3rd worst day on record as COVID-19 continues and rising worries about a global recession lead to fears of longer-term demand destruction |
| 19 | Jan 2, 2004 | 18.62 | |
| 20 | Mar 16, 2020 | 18.58 | COVID - United Nations Climate Change Conference (COP26) postponed |