The decline follows the recent decline in energy costs, which have probably
taken the edge off of the urgency to drill for energy. In the week ended Jan. 5, the U.S. rig count fell 15 to 1,710. The rig count nonetheless remains relatively close to the 20-year high of 1,762 set in the week ended Aug. 18.
The rig count has been increasing steadily since early 2003, with very little interruption until the latest downturn, which is now five months old.
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Tony Crescenzi Blog Macro Overview of Week Ahead 1/8/2007 9:23 AM EST Keep an eye on commodities and their relationship with foreign markets.
Tony Crescenzi Blog TIPS Suggest Bonds Not Source of Stock Drop 1/5/2007 3:10 PM EST Those who think Friday's jobs report has caused a meaningful change in inflation expectations should look more closely at the TIPS market.
Tony Crescenzi Blog Latest Rate-Cut Odds 1/5/2007 1:17 PM EST The strong jobs report reduces the chance of a rate cut at the Jan. 31 meeting to just 2%.
Tony Crescenzi is the chief bond market strategist at Miller Tabak + Co., LLC, and advises many of the nation's top institutional investors on issues related to the bond market, the economy and other macro-related issues. At the request of the Federal Reserve, Crescenzi is a regular participant in the board's Livingston Survey of economic forecasters. He is also the author of The Strategic Bond Investor. At the time of publication, Crescenzi or Miller Tabak had no positions in the securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Crescenzi also is the founder of Bondtalk.com, a popular Web site covering the bond market and the economy. Crescenzi appreciates your feedback; click here to send him an email.
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