On September 13, US crude oil October futures fell 2.5% and settled at $68.59 per barrel. On the same day, the Energy Select Sector SPDR ETF (XLE) was unchanged. The S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA) rose 0.5% and 0.6% on September 13. Mute energy stocks might have helped these indexes to rise. In Part 3 of this series, we’ll analyze US crude oil’s relationship with these equity indexes.