Jul 092015

The U.S. drilling rig count is now down 55% since September 2014. The decline has reached 60% in both Texas and North Dakota.

Our pic-of-the-week highlights changes in the latest data that suggest we may be getting much closer to a near-term bottom in the rig count. Most importantly, the overall  Continue reading »

Jun 212015

Oklahoma’s crude oil producers are expected to experience a 38.1% drop in revenue from crude oil production in 2015. In dollar terms, this reflects a $4.35 billion swing from the record $11.4 billion in crude oil revenue produced in 2014. Our pic of the week illustrates both the amount and value of crude oil produced annually in Oklahoma since 1981.

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Jun 032015

The ongoing drop in the number of drilling rigs searching for crude oil now exceeds the collapse in natural gas rigs suffered back in the 2008-2009 period. Our pic of the week illustrates the similarity in size and pace between the respective oil and gas drilling collapses. Crude rigs are off  Continue reading »

May 142015
 May 14, 2015  Graphic, Pic of the Week Tagged with: ,  No Responses »

The string of weak retail sales reports in the first four months of 2015 are not an indication of slowing overall economic activity. Instead, recent weakness in the retail data merely reflects the steep fall in sales at gasoline stations since November 2014. In our pic-of-the-week, retail sales minus gasoline station sales continues to show a very steady uptrend, even in the most recent data.

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Feb 242015

Oil is trying hard to bottom near $50/barrel, but inventory build-ups keep getting in the way. Our pic-of-the-week shows weekly commercial crude oil inventories in the U.S. and they keep getting larger and larger. Crude in storage managed to post an all-time high of 425.6 million barrels last week. Not only does this extend the uptrend but it also represents a bounce well above the trend.

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