$RIG
Transocean Ltd
PRICE
$5.759 βΌ-0.191%
Extented Hours
VOLUME
14,468,625
DAY RANGE
5.66 - 5.89
52 WEEK
4.45 - 8.88
Join Discuss about RIG with like-minded investors
@trademaster #TradeHouses
(Reuters) -Oil prices fell by more than 1% on Thursday, extending losses from the previous session, after OPEC+ postponed a ministerial meeting, leading to speculation that producers might cut output less than earlier anticipated. Brent futures were down $1.02, or 1.2%, at $80.94 a barrel by 0625 GMT, after falling as much as 4% on Wednesday. U.S. West Texas Intermediate crude dipped 87 cents, or 1.1%, to $76.23, after declining as much as 5% in the previous session. Trade was expected to remain muted due to the Thanksgiving holiday in the United States. In a surprise move, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting where they were expected to discuss oil output cuts. Producers were struggling to agree on output levels and hence possible reductions ahead of the meeting originally set for Nov. 26, OPEC+ sources said. Three OPEC+ sources, however, said this was linked to African countries, which are smaller producers in the group, which somewhat eased investor concerns. Analysts said that Angola, Congo and Nigeria were seeking to raise their 2024 supply quotas above the provisional levels agreed at the OPEC+ June meeting. "At that meeting, OPEC squared the books on increasing UAEβs quota... by reducing the targets for the African nations that were underperforming their required production numbers," said Helima Croft, an analyst at RBC Capital Markets, in a client note. Angola and Congo have been producing below their 2024 production targets, whilst Nigeria has been able to increase output above target due to the improving security situation in the oil-rich Niger Delta. "We think Nigeria can be assuaged as the leadership values its longstanding OPEC membership and improving ties with Saudi Arabia... However, it may be more difficult to bridge the gap with Angola which has been a moodier member of the producer group since it joined in 2007," said RBC's Croft. "Disagreement between members will likely increase volatility within the market over the course of the next week," analysts at ING Bank said in a note. The questions over OPEC+ supply come as data showed U.S. crude stocks jumped by 8.7 million barrels last week, which was much more than the 1.16 million build that analysts had expected. [EIA/S] U.S. oil rigs remained unchanged at 500 in the week to Nov. 22, energy services firm Baker Hughes said in its closely followed report on Wednesday. [RIG/U] Meanwhile, about 3% of crude oil production in the Gulf of Mexico, or around 61,165 barrels of daily output, was shut in by an underwater pipeline leak, the U.S. Coast Guard said on Wednesday.
133 Replies 7 π 9 π₯
@ivtrades-Chris #ivtrades
$RIG- Bullish option flow detected in Transocean (8.43 +0.29) with 15,948 calls trading (1.0x expected) and implied vol increasing almost 2 points to 51.59%. . The Put/Call Ratio is 0.27. Earnings are expected on 11/01. The SEP 29th 8.50 & 9.00 Calls are active.
109 Replies 8 π 13 π₯
@trademaster #TradeHouses
Investing.com -- Oil prices stabilized Monday as investors balanced off concerns about a hit to U.S. economic activity following last weekβs Federal Reserve meeting with a tight supply outlook. By 09:10 ET (13.10 GMT), the U.S. crude futures traded 0.1% higher at $90.10 a barrel, while the Brent contract climbed 0.1% to $92.03 - not far from last weekβs 10-month high. Crude market steadies after last weekβs hit The crude market registered its first losing week in four last week, largely because of pressure from hawkish messaging from the Federal Reserve, as the central bank projected higher-for-longer interest rates, potentially hitting economic activity in the worldβs largest energy consumer. This line also boosted the dollar to its highest levels in six months, which makes commodities denominated in the greenback, such as oil, more expensive for foreign buyers. However, the market remains elevated after Russia suspended most fuel exports in a bid to address rising local gasoline prices. This move, although deemed temporary, is still expected to substantially tighten oil markets in the coming weeks, given that Russia and Saudi Arabia also cut production by a combined 1.3 million barrels per day for the remainder of the year. U.S. oil rig count falls again Adding to the expectations of a very tight market towards the end of the year was the latest data from Baker Hughes, showing that the U.S. oil rig count fell by 8 over the last week to 507 - a drop of 114 rigs since the start of the year. βThe fall in rig count this year is what has given OPEC+ the confidence to cut output without having to worry too much about losing market share to non-OPEC producers,β said analysts at ING, in a note. Speculative net long positions grow Speculators remain constructive towards the market, with the speculative net long positions in the ICE Brent contract grew by almost 18,000 lots over the last reporting week. βThis is the largest net long speculators have held since March, and the increase over the week was predominantly driven by short covering,β ING added. Similarly, speculators increased their net long positions in the Nymex WTI by just over 15,000 lots, to the largest position held since February last year. Inflation, PMI data on tap This week sees important inflation data from Japan, the eurozone and the U.S., while several Fed members, most notably Chair Jerome Powell on Friday, are due to speak, amid growing concerns that rising oil prices could trigger a resurgence in inflation, attracting more hawkish moves by global central banks. Additionally, traders will also focus on Chinaβs purchasing managersβ index data for September, after PMIs for August showed some signs of improvement, particularly in the manufacturing sector.
83 Replies 11 π 7 π₯
@trademaster #TradeHouses
Investing.com -- Oil prices rose Monday, helped by another rate cut from China, the worldβs largest crude importer, as well as the prospect of tighter supplies. By 09:30 ET (13:30 GMT), the U.S. crude futures traded 0.8% higher at $81.27 a barrel, while the Brent contract climbed 0.8% to $85.46. PBOC cuts rates again The Peopleβs Bank of China cut its one-year loan prime rate by 10 basis points to 3.45% earlier Monday. While this was less than had been expected, and the five-year rate which is used to determine mortgage costs was left unchanged, this still suggests that Beijing is determined to support the second largest economy in the world as it struggles with a slowing post-COVID economic recovery. The PBOC unexpectedly cut short and medium-term lending rates last week. Supplies continue to tighten Worries over the strength of the Chinese economic recovery contributed to the losses last week when benchmark oil prices snapped a 7-week winning streak last week to post a weekly loss of 2%. That said, prices are still over 5% higher in the last month following the announcement of deep output cuts by Saudi Arabia and Russia, the two largest producers in the OPEC+ grouping. These producers said that recent cuts will extend until at least the end of September -- a scenario that is expected to limit crude supplies by nearly 70 million barrels over 45 days. Adding to this, the latest rig data from Baker Hughes shows that the number of active oil rigs in the U.S. fell by 5 over the week to 520 - the lowest level since March last year. βThe U.S. has lost 107 oil rigs since early December and it is not too surprising that this reduced drilling activity means that oil production growth forecasts for later this year and through 2024 are looking relatively modest,β said analysts at ING, in a note. Net long Brent positions rise These expectations of tightening supplies no doubt helped speculators decide to increase their net long positions in the ICE Brent contract by 19,748 lots to 230,735 lots, despite oil prices edging lower over the reporting period. βThe move was driven by fresh longs, suggesting that some speculators took advantage of more recent price weakness to enter the market from the long side,β ING added. (Ambar Warrick contributed to this article.)
132 Replies 9 π 14 π₯
Key Metrics
Market Cap
4.69 B
Beta
1.09
Avg. Volume
19.20 M
Shares Outstanding
809.03 M
Yield
0%
Public Float
0
Next Earnings Date
2024-04-29
Next Dividend Date
Company Information
transocean is a leading international provider of offshore contract drilling services for oil and gas wells. the company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world. building on more than 50 years of experience , our employees are focused on safety and premier offshore drilling performance.
CEO: Jeremy Thigpen
Website: http://www.deepwater.com/
HQ: Turmstrasse 30 Steinhausen, 6312 Zug
Related News