In-depth analysis, trends, and one-year forecasting for the global jackup and floating rig fleets.

Powered by RigLogix data, RigOutlook is a quarterly forecast report of supply/demand and dayrates for the worldwide jackup and floating rig fleets. Our yearly forecast help users anticipate industry trends to improve strategic planning and decision-making, allowing companies to stay agile in a changing market.


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RigOutlook provides drilling contractors, service companies, oil & gas operators, and the financial community with the information needed to best comprehend the factors impacting the current rig markets, as well as anticipate future supply and demand trends.

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image descriptionFROM OUR ANALYSTS

Rig Trends: Offshore Rig Fleet Poised for Comeback, but More Time is Needed
Thursday, January 04, 2018 Most of the 2018 indicators are positive, and should they shake out as predicted, the second-half of next year could finally be the start of a true recovery.

Commodity Weekly: Slowing OPEC Production Needed to Drain Stocks
Friday, July 28, 2017 Oil prices should remain range-bound until historically high global crude inventories show real signs of draining – likely precipitated by slowing OPEC production.

Commodity Weekly: Heightened Intra-OPEC Competition on Horizon
Friday, July 14, 2017 With the efficacy of OPEC-led cuts clearly in doubt, it would behoove cartel members to prioritize individual self-interest.

Rig Trends: Offshore Rig Market Recovery Reports Premature
Thursday, June 22, 2017 For quite some time now, many oilfield analysts have reported the beginning of a recovery in offshore rig demand.

Commodity Weekly: OPEC Cuts not Cutting It
Friday, June 16, 2017 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.

Commodity Weekly: A Fracturing OPEC Sends Prices Lower
Friday, June 09, 2017 Few positive signals for oil prices exist in the market at the moment. A further fractured OPEC could potentially lead to increased global supply.

Commodity Weekly: OPEC's Announced Cut Extensions Fail To Buoy Markets
Friday, May 26, 2017 OPEC announcement to extend output cut an additional 9 months fails to convince oil markets - prices fall 5%.

Commodity Weekly: Gasoline Demand Concerns Pressure Oil Prices
Friday, April 28, 2017 Gasoline demand concerns weigh on oil prices. Pressure grows for OPEC to extend production cuts past June.

Commodity Weekly: OPEC Rhetoric Fails to Rouse the Bulls
Friday, April 21, 2017 Oil market faces further downside risk if OPEC does not extend output cuts. Cartel rhetoric staves off lower prices in the meantime.

Oil Rises 2% Off Strong EIA Data
Wednesday, March 29, 2017 Oil rose Wednesday morning after the EIA reports significant drawdowns in product inventories for the week ending March 24.

Oil Falls on Yet Another US Crude Build
Wednesday, March 22, 2017 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.

Crude Rallies on Unexpected Drop in US Inventories
Wednesday, March 15, 2017 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.

Huge Crude Build Leads to Oil Price Plunge
Wednesday, March 08, 2017 Oil prices plunged when the EIA showed similarly bearish data to what had been provided by the API.

Oil Falls on Supply Worries
Wednesday, March 01, 2017 Markets continue to be encouraged by positive data showing high compliance levels for the 1.8 million barrel per day coordinated cut.

Oil Settles Relatively Flat Despite Record Rise To US Crude Stocks
Wednesday, February 15, 2017 Oil prices trended down in pre-market trading early Wednesday and fell furter on an EIA report.

Rig Trends: 2017 Offshore Rig Market Not in for Much Improvement
Friday, February 10, 2017 In 2017, the offshore rig market is not expected to recover to the levels some had forecasted.

Oil Rises on Bullish Sentiment around Output Cuts
Wednesday, February 01, 2017 Oil prices rose after traders eschewed bearish data points from the EIA around rising inventory levels and lower gasoline demand.

Oil Prices Settle Down Slightly After Mixed Trading
Wednesday, January 25, 2017 Following a bearish API report, oil prices were trading down Wednesday morning before market open.

Oil Gains - Pares Earlier Losses off Newfound Optimism
Wednesday, January 11, 2017 After falling almost 6% earlier in the week, oil prices picked up steam as traders saw a buying opportunity in the market.

Oil Rises on Expectations for Production Cuts, Lower US Inventories
Wednesday, January 04, 2017 The start of the trading year showed that oil markets are still susceptible to headline risk, and will be volatile as a result.

Oil Falls on Surprise Build to Crude Inventories
Wednesday, December 21, 2016 Oil futures fall after Libya says it expects to boost production over the next few months.

Oil Falls on Growing Glut Fears, Stronger Dollar
Wednesday, December 14, 2016 Oil prices rose then quickly fell following the release of the EIA's Weekly Petroleum Status Report.

Oil Soars off OPEC Agreement to Cut Production
Wednesday, November 30, 2016 Oil prices surged in early trading based off newsflow from Vienna that OPEC had come to an agreement to cut crude output.

Oil Stays Relatively Flat amid OPEC Uncertainty and Stronger Dollar
Wednesday, November 23, 2016 Oil markets are largely concerned with whether or not OPEC will be able to arrive at a deal in Vienna Nov. 30.

Oil Prices Fall - Fundamentals Trump Russian Rhetoric
Wednesday, November 16, 2016 Oil prices slipped off a much larger than expected build to crude inventories.

Oil Trades Higher along with Broader Market
Wednesday, November 09, 2016 Both the US and global benchmarks traded in a highly volatile market following Trump's victory.

Oil Prices Drop off Extremely Bearish EIA Data
Wednesday, November 02, 2016 Oil prices fall after the Energy Information Agency (EIA) releases its Weekly Petroleum Status Report.

Niger Delta Leaders Want Army Out And Oil Firms To Relocate To Region
Tuesday, November 01, 2016 Leaders from the Nigeria's Niger Delta called on President Muhammadu Buhari to pull the army out from the oil hub.

Despite Positive EIA Data, Oil Falls on OPEC Cut Concerns
Wednesday, October 26, 2016 Ahead of Wednesday morning's inventory data release from the Energy Information Agency (EIA), crude prices hit a three-week low.

Surprise Crude Draw Lifts US Prices to 15-Month High
Wednesday, October 19, 2016 Oil prices traded to some of the highest levels seen in over a year.

No Near-Term Recovery For Offshore Rig Market
Wednesday, October 19, 2016 The offshore rig market is currently in its worst slump since the mid-1980s, according to the October 2016 issue of RigOutlook.

Brent Nears $50 Per Barrel as OPEC Weighs Output Cut
Wednesday, September 28, 2016 Oil prices bounce amid OPEC production cut speculation.

Oil Rises on Positive Inventory Data, Weaker Dollar
Wednesday, September 21, 2016 Oil markets were anticipating fairly robust inventory drawdowns after the API released its estimates for the week ending Sept. 16.

Oil Falls On Larger Than Expected Builds, Strengthening Supply Picture
Wednesday, September 14, 2016 After IEA reports, oil markets continue to reflect a more dour outlook.

Oil Falls on Fundamentals; Freeze Talk Uplift Losing Steam
Wednesday, August 31, 2016 Both US and global crude benchmarks fell immediately following the EIA's Weekly Petroleum Status Report.

Oil Prices Fall off Larger than Expected Rise in Crude Inventories
Wednesday, August 24, 2016 Oil prices fall immediately following the release of the EIA's Weekly Petroleum Status Report.

Oil Prices Rise Modestly off Lower Inventory Numbers
Wednesday, August 17, 2016 Oil prices rose immediately following the release of the EIA's Weekly Petroleum Status Report.

Oil Prices Fall Despite Large Drawdown in Gasoline Inventories
Wednesday, August 10, 2016 Despite a larger than expected draw in gasoline stocks, oil prices fell after the release of an EIA Weekly Petroleum Status Report.

Oil Prices Gain on Surprisingly Large Decrease to Gasoline Inventories
Wednesday, August 03, 2016 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.

Like the Oil Markets, Drillers Are Playing a Game of Wait and See
Monday, March 21, 2016 The oil market and energy investors alike show signs of optimism that the industry is emerging from the downturn.

Oil Continues Positive Momentum off Stronger than Expected Product Demand
Wednesday, March 09, 2016 EIA weekly data shows larger than expected gasoline and distillate drawdowns.

Oil Prices Gain Despite Record-High Crude Inventory Data
Wednesday, March 02, 2016 Oil prices continue to gain on hope of coordinated freeze and lower US onshore production.

Persistent Global Supply Overhang Bears Down on Oil Prices
Wednesday, February 10, 2016 Oil prices had a short-lived rally following a surprise draw in US crude inventories.

Despite Extremely Bearish EIA Data, Oil Markets Gain on Weaker Dollar
Wednesday, February 03, 2016 A weaker dollar and relatively positive Chinese economic data lift prices.

Oil Prices Rise on Slightly Positive EIA Data
Wednesday, January 27, 2016 A weaker dollar and speculation of Russia-OPEC coordinated output cuts helped boost prices.

With No Supply Response in Sight, WTI Crashes Through $27
Wednesday, January 20, 2016 Global financial markets suffer heavy losses along with oil.

WTI Has First Gain of Year; Brent Breaches $30
Wednesday, January 13, 2016 Global glut concerns persist and the EIA reports record refined product inventories.

Rig Trends: 2015 - A Year to Forget for Rig Market
Monday, January 11, 2016 Last year was dismal for the rig market, but 2016 could be worse.

Crude Falls to Fresh Lows
Wednesday, January 06, 2016 Worries about China and record refined product inventories weigh on prices.

Crude Falls to Multi-year Lows on Surprise Increase in US Crude Inventories
Wednesday, December 16, 2015 Oil prices fall on large, unexpected build to crude inventories and Fed rate rise

WTI Falls Despite Surprise Draw in Crude Inventories
Wednesday, December 09, 2015 Substantial increase to distillate stocks pushes crude prices downward.

Rig Trends: Jackup Market Still Looking For Recovery
Wednesday, December 09, 2015 Jackup utilization and day rates have not bottomed out yet, according to Rigzone Data Services.

WTI Breaches $40 Level; Brent Falls to a 6-Year Low at $42.49/bbl
Wednesday, December 02, 2015 Disappointing EIA data and no expected change to OPEC crude production conspire to drive prices lower.

Crude Falls to August Lows - Oversupply Concerns Pervade
Wednesday, November 11, 2015 Both WTI and Brent crude prices dropped to lows not seen since August 2015 on global glut concerns.

Crude Falls; US Production Rises Week over Week
Wednesday, November 04, 2015 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.

'Lower for Longer' Shaping the New Operator Strategic Paradigm
Tuesday, November 03, 2015 In light of the "lower for longer" oil price scenario going into 2017-2018, companies have reduced upstream CAPEX spend in 2015 and beyond.

WTI Rises 6.3% on Larger than Expected Declines to Product Inventories
Wednesday, October 28, 2015 After hitting multi-week lows, oil prices rallied on positive newsflow that brought some confidence to traders.

Oil Falls; EIA Inventory Data Show Large Crude Build
Wednesday, October 21, 2015 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.

Rig Trends: Offshore Rig Supply/Demand Gap Continues to Widen
Tuesday, October 13, 2015 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.

Rattled by Pure Sentiment in August, Markets Return Focus to Fundamentals
Friday, August 28, 2015 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.

Rig Trends: Eastern Canada Rig Market Changing
Thursday, July 02, 2015 With operations moving into deeper waters and more harsh environments, the list of suitable rigs for Eastern Canada is shrinking.

Rig Trends: Is the Gulf of Mexico Jackup Market Finally on its Last Leg?
Tuesday, June 02, 2015 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?

Rig Trends: Floating Rig Market Facing High 2015 Contract Rollovers
Tuesday, March 17, 2015 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 Trends: Idle Times Ahead for Offshore Rig Fleet
Wednesday, February 11, 2015 Rig owners are retiring older rigs and making plans to cold stack others in an effort to reduce costs in the current market climate.

Rig Trends: Gulf of Mexico Jackup Market Showing Effects of Slowdown
Friday, January 16, 2015 Low oil prices are wreaking havoc for the worldwide offshore rig fleet and the Gulf of Mexico jackup market is no exception.