October 12, 2015

The S&P 500 rose 0.1% and Toronto was closed for the holiday.

Oil was down 4.4% to $47.44.

The Baker Hughes report of active drilling rigs shows that the number of active drilling rigs in North America is down 59% compared to the year ago figures. That is a remarkable decline by any standard. I am not familiar with the supply and demand data for oil but this report would certainly seem encouraging for those that expect the lower oil price to curtail supply and to eventually result in an increase in price.