• 5 minutes Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 8 minutes What Can Bring Oil Down to $20?
  • 14 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 3 hours Alberta govt to construct another WCS processing refinery
  • 1 hour Let's Just Block the Sun, Shall We?
  • 4 hours Venezuela continues to sink in misery
  • 2 hours Instead Of A Withdrawal, An Initiative: Iran Hopes To Agree With Russia And Turkey on Syrian Constitution Forum
  • 20 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 2 days OPEC Cuts Deep to Save Cartel
  • 22 hours Quebecans Snub Noses at Alberta's Oil but Buy More Gasoline
  • 2 days $867 billion farm bill passed
  • 15 hours Regular Gas dropped to $2.21 per gallon today
  • 2 days Contradictory: Euro Zone Takes Step To Deeper Integration, Key Issues Unresolved
  • 2 days WTO So Set Up Panels To Rule On U.S. Tariff Disputes
  • 2 days IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 2 days Global Economy-Bad Days Are coming

Industrial Production For Oil And Gas Well Drilling Drops To Lowest This Century

Industrial Production growth in The U.S. has now slowed for 10 straight months, rising just 0.4 percent YoY in September - the weakest growth since Dec 2009 - signaling the path to recession is clear. Manufacturing production YoY slowed to just 1.4 percent - the slowest since Feb 2014. For the 8th month of the last 9 IP fell MoM with a 0.2 percent drop in September as a modest revision higher in autos was offset by a plunge in Oil and Gas Drilling to the lowest this century (down 4 percent after rising 1.7 percent last month).

Recession Looms...

IndustrialProductionYoy

(Click Image To Enlrage)

Related: Can China’s SPR Rescue Oil Markets?

As it appears Auto Assemblies are starting to roll over (which makes sense in light of the record high inventories)...

AutoMotorVehicles

Related: Is The Oil And Gas Fire Sale About To Start?

But the biggest driver was a collapse in Oil & Gas Drilling...

IndustrialProductionOilAndGasDrilling

Charts: Bloomberg

By Zerohedge

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News