Generally, oil stocks are correlated with the price of oil which makes perfect sense because oil producers sell the commodity. Plus, oil services companies raise prices when oil goes up and are forced to take concessions when they fall. That being said, owning oil stocks can be better than buying the commodity since you the benefit from capital returns. Furthermore, just because these firms produce and service commodities doesn’t mean individual ones don’t have certain competitive advantages. It is optimal to layer on company specific research with macro work. You can potentially make money on multiple fronts.