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In-depth analysis, trends, and one-year forecasting for the global jackup and floating rig fleets.
FROM OUR ANALYSTS
Oil prices should remain range-bound until historically high global crude inventories show real signs of draining – likely precipitated by slowing OPEC production.
With the efficacy of OPEC-led cuts clearly in doubt, it would behoove cartel members to prioritize individual self-interest.
For quite some time now, many oilfield analysts have reported the beginning of a recovery in offshore rig demand.
The fall in oil prices over the past week is indicative of the consensus view that the coordinated output cut among OPEC and non-OPEC is inadequate.
Few positive signals for oil prices exist in the market at the moment. A further fractured OPEC could potentially lead to increased global supply.
OPEC announcement to extend output cut an additional 9 months fails to convince oil markets - prices fall 5%.
Gasoline demand concerns weigh on oil prices. Pressure grows for OPEC to extend production cuts past June.
Oil market faces further downside risk if OPEC does not extend output cuts. Cartel rhetoric staves off lower prices in the meantime.
Oil rose Wednesday morning after the EIA reports significant drawdowns in product inventories for the week ending March 24.
Both the US and global benchmarks slipped over 80 cents off newsflow that US crude inventories had risen by 5 million barrels for the week ending March 17.
After losing over 5% in the last week, oil prices regained some lost ground after the EIA reported an unexpected decrease to US crude inventories.
Oil prices plunged when the EIA showed similarly bearish data to what had been provided by the API.
Markets continue to be encouraged by positive data showing high compliance levels for the 1.8 million barrel per day coordinated cut.
Oil prices trended down in pre-market trading early Wednesday and fell furter on an EIA report.
In 2017, the offshore rig market is not expected to recover to the levels some had forecasted.
Oil prices rose after traders eschewed bearish data points from the EIA around rising inventory levels and lower gasoline demand.
Following a bearish API report, oil prices were trading down Wednesday morning before market open.
After falling almost 6% earlier in the week, oil prices picked up steam as traders saw a buying opportunity in the market.
The start of the trading year showed that oil markets are still susceptible to headline risk, and will be volatile as a result.
Oil futures fall after Libya says it expects to boost production over the next few months.
Oil prices rose then quickly fell following the release of the EIA's Weekly Petroleum Status Report.
Oil prices surged in early trading based off newsflow from Vienna that OPEC had come to an agreement to cut crude output.
Oil markets are largely concerned with whether or not OPEC will be able to arrive at a deal in Vienna Nov. 30.
Oil prices slipped off a much larger than expected build to crude inventories.
Both the US and global benchmarks traded in a highly volatile market following Trump's victory.
Oil prices fall after the Energy Information Agency (EIA) releases its Weekly Petroleum Status Report.
Leaders from the Nigeria's Niger Delta called on President Muhammadu Buhari to pull the army out from the oil hub.
Ahead of Wednesday morning's inventory data release from the Energy Information Agency (EIA), crude prices hit a three-week low.
Oil prices traded to some of the highest levels seen in over a year.
The offshore rig market is currently in its worst slump since the mid-1980s, according to the October 2016 issue of RigOutlook.
Oil prices bounce amid OPEC production cut speculation.
Oil markets were anticipating fairly robust inventory drawdowns after the API released its estimates for the week ending Sept. 16.
After IEA reports, oil markets continue to reflect a more dour outlook.
Both US and global crude benchmarks fell immediately following the EIA's Weekly Petroleum Status Report.
Oil prices fall immediately following the release of the EIA's Weekly Petroleum Status Report.
Oil prices rose immediately following the release of the EIA's Weekly Petroleum Status Report.
Despite a larger than expected draw in gasoline stocks, oil prices fell after the release of an EIA Weekly Petroleum Status Report.
After US crude settled below the $40 per barrel level Tuesday (the first time since April 2016), oil prices gained lost ground Wednesday off the back of better than expected gasoline inventory data from the EIA.
The oil market and energy investors alike show signs of optimism that the industry is emerging from the downturn.
EIA weekly data shows larger than expected gasoline and distillate drawdowns.
Oil prices continue to gain on hope of coordinated freeze and lower US onshore production.
Oil prices had a short-lived rally following a surprise draw in US crude inventories.
A weaker dollar and relatively positive Chinese economic data lift prices.
A weaker dollar and speculation of Russia-OPEC coordinated output cuts helped boost prices.
Global financial markets suffer heavy losses along with oil.
Global glut concerns persist and the EIA reports record refined product inventories.
Last year was dismal for the rig market, but 2016 could be worse.
Worries about China and record refined product inventories weigh on prices.
Oil prices fall on large, unexpected build to crude inventories and Fed rate rise
Substantial increase to distillate stocks pushes crude prices downward.
Jackup utilization and day rates have not bottomed out yet, according to Rigzone Data Services.
Disappointing EIA data and no expected change to OPEC crude production conspire to drive prices lower.
Both WTI and Brent crude prices dropped to lows not seen since August 2015 on global glut concerns.
WTI touched a low of $47.17/bbl after the EIA reported crude inventories rose for the sixth straight week and that product demand fell for the week ending October 30.
In light of the "lower for longer" oil price scenario going into 2017-2018, companies have reduced upstream CAPEX spend in 2015 and beyond.
After hitting multi-week lows, oil prices rallied on positive newsflow that brought some confidence to traders.
Vienna meeting between OPEC and large non-OPEC oil producers fails to agree output cuts. Oil prices fall on larger than expected build to US crude inventories.
With oil prices now expected to remain low for at least the next year, rig contracts continue to be cancelled and options are being allowed to lapse.
Following stock market chaos in August that brought oil prices down to 6-year lows, oil traders focus again on the persistent global oil oversupply situation.
With operations moving into deeper waters and more harsh environments, the list of suitable rigs for Eastern Canada is shrinking.
With reserves dwindling and commodity prices expected to remain low into 2016, what does the future hold for jackup activity in the Gulf of Mexico?
The challenge for floating rig owners in 2015 will be trying to keep all the rigs coming off contract working, but the likely decline in operator drilling plans will make it nearly impossible.
Rig owners are retiring older rigs and making plans to cold stack others in an effort to reduce costs in the current market climate.
Low oil prices are wreaking havoc for the worldwide offshore rig fleet and the Gulf of Mexico jackup market is no exception.