What is the connection between US rig count and WTI prices? I am curious because I see US rig count peak between 2012 and 2014, and then dramatically declined, but oil prices only bottomed in 2016. Without looking at the charts, I would have assumed rig count was extremely high during the shale boom and only peaking in 2016. Is there a reason for the lag? Any insights into today's market given it looks like rig count may be rolling over?
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