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In-depth analysis, trends, and multi-year forecasting for the global jackup and floating rig fleets
FROM OUR ANALYSTS
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
Jackup utilization and day rates have not bottomed out yet, according to Rigzone Data Services.
Substantial increase to distillate stocks pushes crude prices downward.
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.