World Oil & Gas Rig Count

Between December 2020 and November 2022, WTI crude oil and gold prices exhibited notable volatility, reflecting shifts in global economic conditions and market sentiment. WTI started around $44–45 per barrel and steadily increased, reaching peaks above $120 in mid-2022, while gold fluctuated from roughly $1,800 to over $2,000 per ounce. The WTI-to-gold ratio, representing barrels of oil per gram of gold, shows significant variation, rising from below 0.7 in late 2020 to over 1.7 in mid-2022, indicating periods when oil became relatively more expensive versus gold. Early 2022 saw a sharp surge in oil prices, outpacing gold gains, likely due to geopolitical tensions and supply constraints, whereas later in the year, oil corrected while gold remained elevated, stabilizing the WTI-in-gold ratio near 1.3–1.5, reflecting more balanced market conditions between energy and safe-haven assets.