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While oil-related stocks have corrected nearly 10% in recent weeks, the sell-off in the commodity has been almost non-existent. The chart in the lower right plots the ratio between the price of the S&P 500 oil and gas group vs. the price of the commodity. Low readings indicate that the price of oil stocks are cheap relative to the price of the commodity while high readings imply that oil stocks are expensive relative to the price of the commodity:

As the chart details, over the last two and a half years, there have only been three other periods where the ratio was lower.

Editor's note -- here are the energy constituents of the S&P 500 index. Click on ticker for quote and articles:

(NYSE:APC) Anadarko Petroleum
(NYSE:APA) Apache Corp.
(NYSE:BHI) Baker Hughes
(BJS) BJ Services
(NYSE:CHK) Chesapeake Energy
(NYSE:CVX) Chevron Corp.
(NYSE:COP) ConocoPhillips
(NYSE:DVN) Devon Energy Corp.
(EP) El Paso Corp.
(NYSE:EOG) EOG Resources
(NYSE:XOM) Exxon Mobil Corp.
(NYSE:HAL) Halliburton Co.
(NYSE:HES) Hess Corporation

Source: Oil & Gas Stocks Currently Cheap vs. the Commodity (OIH)