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Chart In Focus

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October 29, 2026

Increase in Oil Drilling Rigs is Just Starting

Six months ago I shared this week's chart, which at that time was calling for a rise to start in the number of US drilling rigs.  Since then, the total rig count (all types) is up by 11%, but the move is just getting started. The point of that article 6 months ago was to notice that the drilling rig count does not respond right away to changes in the near month price of crude oil futures.  Instead, there was a better correlation to the price of the futures contracts 11 months out.  And there is about a 3-month lag time… more

 

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