Also, Goldman points out that energy stocks are pricing in an oil price below the current spot price.

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Investor frustration regarding the inability of most crude oil ETFs to successfully track the spot price of oil over time is well documented.

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The underlying Solactive Global Oil Equities Index tracks the performance of 25 equal-weighted companies that have shown a high correlation to the spot price of oil.

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Constituents are ranked and chosen by their correlation to the spot price of oil in the quarter preceding the selection day.

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Another name to consider is Occidental Petroleum (NYSE: OXY), which is a name that is generally most associated with the spot price of oil.

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The scramble to secure oil supplies now and into the future has contributed to the sharp increase in the price of oil on both the spot market and for future delivery.

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Why would the price of oil on the spot market be 40% than the cost of production?

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With crude oil futures markets typically in contango, the funds tend to lose ground to the spot price every time they roll-forward expiring contracts.

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