Reduce exposure into strength
Counter-trend rallies may occur, but primary structure and persistence do not yet support adding risk.
Oil & Gas Drilling
For the week ending 25 September 2026, Oil & Gas Drilling declined 3.99% with 5 advancing, 32 declining, and 0 unchanged constituents.
- Index level
- 1,426.56 Index points · base 1,000
- Weekly return
- -3.99%
- Measured equities
- 37
- Rank within sector
- 7 of 8
156 completed weeks
Oil & Gas Drilling price and trend
Explore the index, how widely companies share the move, the trend’s momentum and declines from previous highs.
Trend structureUnresolved
Index vs Trend-4.5%
13-week persistence6.1%
Advancing participation14%
Index Value
Trend Line
Fair Value
Activity Lines
Constructive Transition Defensive
Weekly index closes and the Trend Line. Dashed grey shows the latest Fair Value reference; it is not a historical forecast. Enable the other overlays for more detail.
Performance in context
Oil & Gas Drilling in context
Price and participation determine the view. Sentiment remains a separate confirmation layer.
Five measures
47Quality of the positioning case
Trend
46
Breadth
21
Persistence
75
Relative
29
Risk quality
82
Parent-relative performance
Composite rank 7 of 8Returns versus Energy
HorizonReturnRelative
1 week-4.0%-2.3 pts
4 weeks-4.4%-3.9 pts
13 weeks6.1%-2.9 pts
26 weeks-11.5%-8.7 pts
52 weeks27.2%7.3 pts
Return is the industry index’s change. Relative is its return minus Energy, in percentage points.
Relative leadership path
WeakeningOil & Gas Drilling versus Energy
Relative performance13-week relative trendStarting level · 100
Both indexes are compared from the same starting date. Above 100 means Oil & Gas Drilling has outperformed Energy since that date; below 100 means it has lagged. A rising line indicates improving relative performance, even when both markets are falling.
Supporting evidence
Confirmation and conflict
+Constituent trends show positive multi-horizon persistence.
!Index trend architecture has not delivered a durable upward expansion.
!Breadth remains too narrow or inconsistent for a high-conviction position.
!The group is not yet delivering dependable relative outperformance.
!Stage 4 declining constituents exceed Stage 2 advancing constituents by 11 percentage points.
!Positive contribution is concentrated in a small leadership cohort.
Decision boundaries
What would change the view?
1A completed weekly reclaim of 1,494.13, the higher of Trend Line and Fair Value, would improve the structural case.
2Breadth holding above 55% for several completed weeks would show that repair is spreading.
3Positive 13 and 26-week relative performance would confirm that capital is rotating into the group.
Trend state and durability
Trend, durability and market stages
The industry index path is tested against the securities beneath it.
Index trend structure
14 weeksUnresolved
The Activity Lines, Trend Line and price acceptance remain genuinely mixed.
Trend conditionDownActivity Line spread1.66%Closes above Activity Lines67%Closes below Activity Lines17%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence
75% agreementPositive regime, horizons divided
The 52-week trend is positive, although not every measured horizon confirms it.
13-week
6.1%
26-week
-11.5%
39-week
17.2%
52-week
27.2%
Regime age43 weeks52-week flips152-week boundary1121.30
Company trends
97% coverageHow broadly durable is the move?
86%positive
Coherent positive28%
Coherent negative8%
Horizon agreement78%
Weakening positives6
Repairing negatives1
36 constituents measured as of 18 Sep 2026.
Market stages
97% coverageWhere companies sit in the cycle
36%Stage 4
Stage 1 Basing8%3
Stage 2 Advancing25%9
Stage 3 Distribution31%11
Stage 4 Declining36%13
Re-acceleration1Transition watch9Fair Value repairs2
Stage coverage is shown explicitly and is not substituted for full-universe persistence coverage.
Countries and regions
Where Oil & Gas Drilling strength is developing
Country returns, participation and Trend position show whether the global result is widely shared or locally concentrated.
Countries measured312 represented in the full universe
Positive countries0 / 3Latest weekly return above zero
Above Trend Line33%1 country indexes
Return dispersion1.95 ptsCross-country opportunity and divergence
Europe-4.30%
1 countries · 10 equities · 27% of measured coverage
North America-4.45%
2 countries · 15 equities · 41% of measured coverage
Country evidence map
Minimum 3 constituentsReturn, breadth and trend condition
🇨🇦CA5
-1.30%
40% up · above Trend
🇳🇴NO10
-4.30%
10% up · below Trend
🇺🇸US10
-6.03%
0% up · below Trend
9 thin country slices are excluded from comparative conclusions. Their securities remain in the global index.
Country leadership
Strongest country readings
🇨🇦Canada5 equities-1.30%
🇳🇴Norway10 equities-4.30%
🇺🇸United States10 equities-6.03%
Country pressure
Weakest country readings
🇺🇸United States10 equities-6.03%
🇳🇴Norway10 equities-4.30%
🇨🇦Canada5 equities-1.30%
Related industries
Where Oil & Gas Drilling sits inside Energy
Relative performance over four and thirteen weeks, alongside participation, separate durable leadership from a one-week move.
Composite rank7 / 8
Leading3
Lagging4
Above Trend3 / 8
Return dispersion1.32 pts
Relative rotation map
Is this industry gaining or surrendering leadership?
↑ Four-week return versus Energy Percentage-point difference
Thirteen-week return versus Energy →
Numbers match the ranking. Larger markers represent more constituents. Fine lines connect separated markers to their actual positions.
Explore the rotation mapHover or focus a marker or ranking to inspect its relative returns.
Leadership quality · latest completed week
Do the leaders have broad support?
3 of 3 relative leaders with breadth data have fewer than half their companies advancing this week. Leadership is not yet matched by broad weekly participation.
Top six by composite scoreCompanies advancing13-week
relative return
relative return
Oil & Gas Refining & Marketing
36%
+11.6 pp
Oil & Gas Integrated
43%
+4.9 pp
Thermal Coal
39%
+2.4 pp
Oil & Gas E&P
21%
+0.4 pp
Oil & Gas Midstream
12%
-2.1 pp
Oil & Gas Equipment & Services
31%
-7.4 pp
The tick marks 50% advancing; unchanged companies remain in the denominator. A weak week can challenge a longer lead without reversing it. Relative return is measured against Energy.
Composite industry ranking
Score / 100Momentum with confirmation
1
Oil & Gas Refining & MarketingLeading · 36% advancing
100
2Oil & Gas IntegratedLeading · 43% advancing
82
3Thermal CoalWeakening · 39% advancing
44
4Oil & Gas E&PLeading · 21% advancing
40
5Oil & Gas MidstreamLagging · 12% advancing
33
6Oil & Gas Equipment & ServicesLagging · 31% advancing
8
7Oil & Gas DrillingLagging · 14% advancing
3
8UraniumLagging · 24% advancing
0
The score combines relative returns, weekly participation and the gap to Trend. It ranks the evidence; it is not a probability or an expected return.
Participation and risk
Breadth, momentum and risk
The headline index is tested against participation, volatility, drawdown and the distribution of security returns.
Advancing participation13.5%-40.5 points versus recent baseline
13-week positive weeks54%Index-level hit rate
Annualised volatility21.4%52-week index return volatility
Current drawdown-12.2%From the 52-week index high
156-week max drawdown-36.1%Peak-to-trough index decline
Market participation
Range -100 to +100Net advancing participation
Trend momentum
Positive or negative slopeTrend Line rate of change
Company returns
37 equitiesWhat the headline return conceals
Average loser-4.93%
Average winner+2.02%
Median equity-3.78%The middle security, less sensitive to extreme movers
Interquartile range-5.72% to -1.87%The central half of the universe
Security dispersion3.99 ptsCross-sectional opportunity and stock-selection risk
News and price confirmation
News and price agreement
News snapshot prepared 28 Sep 2026, 19:53 BST for this weekly report.
Qualified sentiment coverage for this industry is still building.
Company performance
The equities driving the result
Weekly leaders and laggards reveal whether the index move is broad, concentrated or vulnerable to reversal.
Leadership
Strongest weekly contributors
Pressure
Weakest weekly contributors
Latest week
All industry constituents
Showing 1-30 of 37, sorted by weekly return.
| Ticker | Company | Market | Open | High | Low | Close | Return |
|---|---|---|---|---|---|---|---|
| WRG | Western Energy Services Corp. | CA · TOR | 3.25 | 3.49 | 3.25 | 3.47 | 6.77% |
| DVD | Deep Value Driller AS | NO · OSL | 20.90 | 21.50 | 20.85 | 21.30 | 1.67% |
| 002828 | Beiken Energy Group Co., Ltd. | CN · SHZ | 10.75 | 11.90 | 10.61 | 10.85 | 1.02% |
| ACX | ACT Energy Technologies Ltd. | CA · TOR | 7.60 | 7.81 | 7.23 | 7.64 | 0.39% |
| RIGN | Transocean Ltd. | MX · MEX | 96.79 | 98.02 | 96.00 | 97.00 | 0.22% |
| BOAT | PT Newport Marine Services TBK | ID · JKT | 138.00 | 145.00 | 134.00 | 138.00 | -0.72% |
| 1033 | Sinopec Oilfield Service Corporation | HK · HKG | 0.65 | 0.67 | 0.64 | 0.645 | -0.77% |
| NOL | Northern Ocean Ltd. | NO · OSL | 7.00 | 7.48 | 7.00 | 7.40 | -0.80% |
| 2381 | Arabian Drilling Company | SA · SAU | 93.25 | 95.00 | 91.85 | 91.90 | -1.50% |
| PHX | PHX Energy Services Corp. | CA · TOR | 12.22 | 12.31 | 11.77 | 12.07 | -1.87% |
| LPHL | Lapidoth-Heletz Limited Partnership | IL · TLV | 13,980.00 | 13,980.00 | 13,630.00 | 13,630.00 | -2.50% |
| 600871 | Sinopec Oilfield Service Corporation | CN · SHH | 2.16 | 2.25 | 2.10 | 2.11 | -2.76% |
| COSH | Constellation Oil Services Holding S.A. | NO · OSL | 140.00 | 141.00 | 136.00 | 136.00 | -2.86% |
| OTL | Odfjell Technology Ltd. | NO · OSL | 63.80 | 63.90 | 60.40 | 61.40 | -3.00% |
| ODL | Odfjell Drilling Ltd. | NO · OSL | 105.00 | 105.00 | 99.40 | 102.00 | -3.04% |
| NE | Noble Corporation plc | US · NYSE | 44.20 | 45.82 | 42.27 | 42.82 | -3.25% |
| VAL | Valaris Ltd | US · NYSE | 83.46 | 84.00 | 79.64 | 80.99 | -3.31% |
| 2382 | ADES Holding Company | SA · SAU | 16.90 | 17.35 | 16.34 | 16.40 | -3.42% |
| PLSV | PARATUS ENERGY SERVICES LTD. | NO · OSL | 50.30 | 50.60 | 47.90 | 48.30 | -3.78% |
| SDRL | Seadrill Limited | US · NYSE | 47.46 | 47.99 | 45.11 | 45.57 | -4.04% |
| BORR | BORR DRILLING LIMITED | NO · OSL | 43.00 | 43.95 | 39.65 | 39.97 | -4.49% |
| RIG | Transocean Ltd | US · NYSE | 5.62 | 5.63 | 5.29 | 5.38 | -4.61% |
| ARCH | Archer Limited | NO · OSL | 22.80 | 22.80 | 21.25 | 21.65 | -4.63% |
| NBR | Nabors Industries Ltd. | US · NYSE | 84.70 | 85.28 | 80.22 | 81.33 | -4.63% |
| ABAN | Aban Offshore Limited | IN · NSI | 14.78 | 14.78 | 13.68 | 13.85 | -4.75% |
| RIGG34 | Transocean Ltd. | BR · SAO | 28.29 | 28.90 | 27.31 | 27.88 | -4.88% |
| PD | Precision Drilling Corporation | CA · TOR | 121.06 | 121.06 | 114.96 | 116.00 | -5.71% |
| HP | Helmerich and Payne Inc | US · NYSE | 40.44 | 40.85 | 38.55 | 38.57 | -5.72% |
| BORR | Borr Drilling Ltd | US · NYSE | 4.50 | 4.58 | 4.10 | 4.20 | -5.83% |
| APEX | PT Apexindo Pratama Duta Tbk | ID · JKT | 183.00 | 192.00 | 172.00 | 172.00 | -6.01% |