Abstract: A co-variance microwave water cut monitor includes a test cell having a petroleum stress flowing through it while permitting the microwave energy to enter the test cell. A microwave source provides microwave energy to a circulator which in turn provides the microwave energy to an antenna. The antenna provides the petroleum stream in the test cell with the microwave energy and receives reflected microwave energy back from the stream. The reflected microwave energy is provided by the antenna to the circulator which in turn provides the reflected microwave energy as test microwave energy. A detector assembly connected to the circulator detects the intensity of the test microwave energy and provides a corresponding intensity signal.