U.S. Crude Oil Inventories increased more than expected, but this didn’t cause oil prices to decline amid FED rate cut expectations. Crude oil production increased by 68% since 2014, while prices fell by 20%.

library(tidyverse)
library(tidyquant)

#Crude Oil Futures(USD) (Index 2014 = 100)
df_crude_oil <- 
  tq_get("CL=F") %>% 
  tq_transmute(select = close,
               mutate_fun = to.monthly,
               col_rename = "crude_oil") %>% 
  mutate(date = as.Date(date))

#Industrial Production: Mining: Crude Oil (NAICS = 21112) (Index 2014 = 100)
df_crude_oil_production <- 
  tq_get("IPG21112S", get = "economic.data") %>% 
  select(date, crude_oil_production = price) 

#Merging all the data sets
df_merged <- 
  df_crude_oil %>%
  left_join(df_crude_oil_production) %>% 
  drop_na()

#Index based on benchmark date (2014 = 100)
df_index <- 
  df_merged %>% 
  pivot_longer(cols = -date, names_to = "vars") %>% 
  mutate(vars = case_when(
    vars == "crude_oil" ~ "Crude Oil Futures",
    vars == "crude_oil_production" ~ "Crude Oil Production")) %>% 
  group_by(vars) %>% 
  mutate(value = (value / first(value)) * 100) %>% 
  ungroup()

#Dataset for text line
df_index_wider <- 
  df_index %>% 
  pivot_wider(names_from = "vars",
              values_from = "value")


#Comparison plot
df_index %>% 
  ggplot(aes(date, value, col = vars)) +
  ggbraid::geom_braid(
    data = df_index_wider, 
    aes(
      y = NULL, # Overwrite the inherited aes from ggplot()
      col = NULL, 
      ymin = `Crude Oil Production`, 
      ymax = `Crude Oil Futures`, 
      fill = `Crude Oil Production` < `Crude Oil Futures`
    ), 
    alpha = 0.6
  ) +
  geom_line(linewidth = 1.25) +
  geomtextpath::geom_textline(
    data = df_index %>% filter(vars == "Crude Oil Production"),
    aes(label = vars),
    hjust = 0,
    vjust = 0,
    family = "Bricolage Grotesque",
    text_smoothing = 40,
    size = 8) +
  geomtextpath::geom_textline(
    data = df_index %>% filter(vars == "Crude Oil Futures"),
    aes(label = vars),
    hjust = 1,
    vjust = 2.2,
    family = "Bricolage Grotesque",
    size = 8,
    text_smoothing = 60) +
  scale_color_manual(
    values = c("steelblue", "orangered")) +
  scale_fill_manual(
    values = c("TRUE" = "steelblue", 
               "FALSE" = "orangered")) +
  scale_x_date(expand = expansion(mult = c(.05, .1))) +
  labs(
    x = element_blank(), 
    y = element_blank(),
    subtitle = "Change of % (Index 2014 = 100)") +
  theme_minimal(base_size = 20, 
                base_family = "Bricolage Grotesque") +
  theme(panel.grid.minor = element_blank(),
        legend.position = "none")