Active rigs in US at lowest on record… EIA

May 20, 2020 by Jim Colburn Leave a Comment

The EIA in Today in Energy focuses on US oil and gas rig counts, here…

”Changes in the number of oil rigs have historically followed changes in oil prices with a lag time of about four months. However, the current drop in rig count followed the recent decrease in the oil price much more rapidly than in the past. The spot price of West Texas Intermediate began March 2020 at $46.78 per barrel (b) and ended the month at $20.51/b; most of the decrease occurred in the first half of the month.”

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