The U.S.oil and gas rig count,up 61% in mid-January over the same time in 2021,appeared to plateau later in the month in response to weakening oil prices in fourth-quarter 2021.WTI peaked at $84.65/bbl on Oct.25 before falling to less than $66/bbl at the end of November.It typically takes a month or two for drillers to respond to significant oil price moves,which may account for a slip later in January.However,from the start of December to mid-January,WTI rose by 28%,an indication that,if the oil rig count continues to decline in February,it may well rise again soon.
展开▼
