• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours How Far Have We Really Gotten With Alternative Energy
  • 8 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 21 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Editorial Dept

Editorial Dept

More Info

Premium Content

A Crisis Is Brewing For Offshore Oil

1. Offshore drill companies hammered

- The stock prices of offshore drillers have declined sharply this year, falling faster and farther than the price of oil.

- “Yet the offshore rig market as a whole hardly seems to notice, propelled by the increased sanctioning of greenfield projects coupled with a substantial amount of brownfield work aimed at maintaining legacy production,” Rystad Energy said in a report.

- Drillship utilization has fallen sharply since the oil bust in 2014, but rebounded by 14 percentage points in a nine-month period through July.

- However, looking forward, “there is a lack of long-term work embedded in the current contract portfolio,” Rystad said. The “healthy utilization growth seen in the first half of the year is poised to fall off a cliff within this environment of short duration contracts, where term contracts do not appear prevalent in the near future.”

2. Soybean prices rally on lower supply

- Floods earlier this year in the U.S. Midwest slashed expected corn yields, but the later planting schedule for soybeans was thought to minimize impact for that market. Weak Chinese demand due to the trade war also kept the market soft and prices down.

- A swine flu outbreak in China also cut into demand after a widespread culling.

- “However, optimism has returned to the soybean market, with prices firmly above USD 9/bushel since end-September and CFTC…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News