A mixed bag for offshore drillers
October is proving to be a mixed bag for offshore drilling investors. Some stocks traded in positive territory while others traded in negative territory on October 19, 2016, compared to their prices at the start of the month.
Stock performance of offshore drillers
The following is a summary of the stock price movement for offshore drillers (XLE) so far this month through October 19:
Since the start of October, oil prices have remained above $50 per barrel. It’s important to see whether other indicators have also shown improvement. In this series, we’ll analyze indicators that you can track to get a sense of the offshore industry’s direction.
We’ll look at how the slump in oil prices affected E&P (exploration and production) companies’ capex (capital expenditure) and what it means to the offshore drilling industry. We’ll analyze the latest oil and gas lease rights sale for the Gulf of Mexico. We’ll also see whether there any improvement in the rig count with an increase in oil prices. We’ll end the series by looking at analysts’ views of offshore drilling companies