$Occidental Petroleum(OXY.US) rose by three or four points, with U.S. shale oil stocks directly benefiting from this surge in WTI; $PETROCHINA(00857.HK) basically didn't move, as the Hong Kong stock market is relatively weak and the stock has a solid dividend foundation, making it naturally much less sensitive to oil price fluctuations.
Conversely, $Delta Air Lines(DAL.US) fell by more than a point—jet fuel is a major cost component, so when oil prices spike, airline profit expectations are immediately squeezed. For the same oil price event, the extraction side and the consumption side are naturally a seesaw. At times like this, a long position in energy paired with a short position in airlines is a clean expression.
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