[TSP_Strategy] Working US Oil Rigs vs Oil Price

 

Charts of the Week

Working U.S. Oil Rigs versus Price of Oil

Chart of the Week for February 19, 2016 - February 25, 2016

The fall in the price of oil has been a much discussed economic topic over the course of the last year. While treating consumers to lower gasoline prices, the impact on U.S. Oil Producers has been generally negative. The chart above compares the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S. ("rig count") to the price per barrel of West Texas Intermediate Crude Oil ("WTI") as of month-end for January 2014 through January 2016. The rig count data is published by Baker Hughes Corporation, an oilfield services company.

The price of WTI reached its peak during the period covered in June 2014, and the rig count peaked in September 2014. The rig count decline followed the fall in the price of oil with a lag. Over the period shown, the rig count fell 65.3% and the price of oil fell 65.1%. This has negatively impacted areas of the U.S. where oil production and services are important economic drivers.

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Posted by: sarah_oz@yahoo.com

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