The U.S. oil rig count during the week ending Aug. 26 declined by 10 to 632 while the number of oil rigs fell to 512 from 520. “The former is the lowest since February 2022 while the latter is the lowest since January 2022. Energy companies have now reduced the number of active oil rigs for 9 consecutive months” (Grit Capital; data source: Baker Hughes).
Rig count is a leading indicator of oil supply. I’ve discussed the oil shortage so much that I’m bordering on annoying…okay, maybe I’ve long-since crossed that line.
But the reason I write about this so much is because it will have massive implications on the global economy.
As investors, the lack of oil production also presents a tremendous opportunity. We’re already seeing this come to fruition. Our top-performing position in our Blend Portfolio is an energy company. It’s gained 3x as much as the S&P 500 since we added it!
If you haven’t read it yet, I urge you to read my free report on the energy sector. I explain why it represents incredible profit opportunities for years to come.
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