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PXE - E&P Activity Pushes Higher While Efficiency Stalls
Invesco Dynamic Energy Exploration &Production
E&P Indices based on employment and production indices show higher employment and higher production of oil; and natural gas pushed the activity index higher, but the trend in the efficiency index has stalled vs. last month. The last 2mos of the natural gas production index is estimated.
Employment bottomed in 2003 which was the year the US began to ramp Exports Refined Products. There was a dip in 2008 (falling 10,000 from Dec 2008 level of 167,000) with the recession but the greatest decline came on the heels of Russia's invasion of Ukraine in 2014