Energy expert John Kilduff sees an unusual phenomenon affecting crude oil and beaten-down stocks.
According to the Again Capital founding partner, oil and stocks have embarked on the closest trading relationship since early 2016 and during the financial crisis sell-off.
“This has been the highest correlation that I’ve seen in quite some time,” he said Tuesday on CNBC’s “Futures Now.”
His latest thoughts came with U.S. benchmark West Texas Intermediate crude on track for its worst month in more than two years. WTI closed at $66.40 a barrel on Tuesday, while Brent crude settled at $76.23.