Reduce exposure into strength
Counter-trend rallies may occur, but primary structure and persistence do not yet support adding risk.
Oil & Gas Equipment & Services
For the week ending 25 September 2026, Oil & Gas Equipment & Services declined 1.07% with 65 advancing, 133 declining, and 11 unchanged constituents.
- Index level
- 1,949.28 Index points · base 1,000
- Weekly return
- -1.07%
- Measured equities
- 209
- Rank within sector
- 6 of 8
156 completed weeks
Oil & Gas Equipment & Services price and trend
Explore the index, how widely companies share the move, the trend’s momentum and declines from previous highs.
Trend structureRotation Down
Index vs Trend-2.6%
13-week persistence1.6%
Advancing participation31%
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 Equipment & Services in context
Price and participation determine the view. Sentiment remains a separate confirmation layer.
Five measures
47Quality of the positioning case
Trend
49
Breadth
26
Persistence
60
Relative
33
Risk quality
88
Parent-relative performance
Composite rank 6 of 8Returns versus Energy
HorizonReturnRelative
1 week-1.1%0.6 pts
4 weeks-2.3%-1.8 pts
13 weeks1.6%-7.4 pts
26 weeks-3.6%-0.8 pts
52 weeks18.7%-1.2 pts
Return is the industry index’s change. Relative is its return minus Energy, in percentage points.
Relative leadership path
WeakeningOil & Gas Equipment & Services versus Energy
Relative performance13-week relative trendStarting level · 100
Both indexes are compared from the same starting date. Above 100 means Oil & Gas Equipment & Services 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 14 percentage points.
!The index is extended well above current Fair Value, increasing chase risk.
Decision boundaries
What would change the view?
1A completed weekly reclaim of 2,001.26, 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
1 weeksRotation Down
Fast Activity Lines are losing the slow pair and price acceptance is deteriorating.
Trend conditionDownActivity Line spread0.65%Closes above Activity Lines33%Closes below Activity Lines33%
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
1.6%
26-week
-3.6%
39-week
17.2%
52-week
18.7%
Regime age74 weeks52-week flips052-week boundary1642.45
Company trends
93% coverageHow broadly durable is the move?
65%positive
Coherent positive27%
Coherent negative18%
Horizon agreement80%
Weakening positives51
Repairing negatives15
195 constituents measured as of 18 Sep 2026.
Market stages
95% coverageWhere companies sit in the cycle
49%Stage 4
Stage 1 Basing9%17
Stage 2 Advancing34%67
Stage 3 Distribution9%18
Stage 4 Declining49%96
Re-acceleration3Transition watch29Fair Value repairs9
Stage coverage is shown explicitly and is not substituted for full-universe persistence coverage.
Countries and regions
Where Oil & Gas Equipment & Services strength is developing
Country returns, participation and Trend position show whether the global result is widely shared or locally concentrated.
Countries measured1424 represented in the full universe
Positive countries5 / 14Latest weekly return above zero
Above Trend Line29%4 country indexes
Return dispersion2.71 ptsCross-country opportunity and divergence
Latin America3.92%
1 countries · 6 equities · 3% of measured coverage
Europe-0.15%
4 countries · 35 equities · 17% of measured coverage
Asia Pacific-1.56%
6 countries · 87 equities · 42% of measured coverage
North America-1.61%
3 countries · 68 equities · 33% of measured coverage
Country evidence map
Minimum 3 constituentsReturn, breadth and trend condition
🇬🇧GB8
4.46%
25% up · above Trend
🇧🇷BR6
3.92%
50% up · below Trend
🇨🇦CA18
0.99%
44% up · above Trend
🇮🇳IN10
0.82%
50% up · above Trend
🇦🇹AT8
0.03%
50% up · below Trend
🇲🇾MY21
-0.27%
43% up · below Trend
🇸🇬SG10
-0.60%
30% up · below Trend
🇨🇳CN21
-0.84%
29% up · below Trend
🇫🇷FR4
-1.67%
0% up · below Trend
🇳🇴NO15
-2.30%
13% up · above Trend
🇺🇸US47
-2.47%
23% up · below Trend
🇮🇩ID12
-3.19%
17% up · below Trend
🇲🇽MX3
-3.75%
33% up · below Trend
🇭🇰HK13
-5.88%
15% up · below Trend
10 thin country slices are excluded from comparative conclusions. Their securities remain in the global index.
Country leadership
Strongest country readings
🇬🇧United Kingdom8 equities4.46%
🇧🇷Brazil6 equities3.92%
🇨🇦Canada18 equities0.99%
🇮🇳India10 equities0.82%
🇦🇹Austria8 equities0.03%
🇲🇾Malaysia21 equities-0.27%
Country pressure
Weakest country readings
🇭🇰Hong Kong13 equities-5.88%
🇲🇽Mexico3 equities-3.75%
🇮🇩Indonesia12 equities-3.19%
🇺🇸United States47 equities-2.47%
🇳🇴Norway15 equities-2.30%
🇫🇷France4 equities-1.67%
Related industries
Where Oil & Gas Equipment & Services sits inside Energy
Relative performance over four and thirteen weeks, alongside participation, separate durable leadership from a one-week move.
Composite rank6 / 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 participation31.1%-15.6 points versus recent baseline
13-week positive weeks38%Index-level hit rate
Annualised volatility14.2%52-week index return volatility
Current drawdown-8.0%From the 52-week index high
156-week max drawdown-17.1%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
209 equitiesWhat the headline return conceals
Average loser-3.82%
Average winner+5.25%
Median equity-1.39%The middle security, less sensitive to extreme movers
Interquartile range-3.51% to 0.92%The central half of the universe
Security dispersion7.22 ptsCross-sectional opportunity and stock-selection risk
News and price confirmation
News and price agreement
News snapshot prepared 28 Sep 2026, 03:19 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 209, sorted by weekly return.
| Ticker | Company | Market | Open | High | Low | Close | Return |
|---|---|---|---|---|---|---|---|
| AT | Ashtead Technology Holdings Plc | GB · LSE | 343.50 | 549.00 | 333.50 | 523.00 | 55.65% |
| GTC | Getech Group plc | GB · LSE | 0.033 | 0.05 | 0.0321 | 0.0485 | 49.23% |
| OSXB3 | OSX Brasil S.A. | BR · SAO | 0.96 | 1.20 | 0.96 | 1.20 | 27.66% |
| SRJ | SRJ Technologies Group Plc | AU · ASX | 0.004 | 0.005 | 0.003 | 0.0045 | 12.50% |
| BRY | Bri-Chem Corp. | CA · TOR | 0.27 | 0.29 | 0.26 | 0.29 | 11.54% |
| HWO | High Arctic Energy Services Inc | CA · TOR | 1.04 | 1.15 | 1.04 | 1.15 | 10.58% |
| OILCOUNTUB | Oil Country Tubular Limited | IN · NSI | 66.85 | 72.20 | 66.85 | 72.20 | 10.16% |
| STAK | STAK Inc. Ordinary Shares | US · NASDAQ | 1.07 | 1.74 | 0.93 | 1.17 | 9.35% |
| M05 | MTQ Corporation Limited | SG · SES | 0.183 | 0.20 | 0.181 | 0.20 | 8.11% |
| UNIDT | United Drilling Tools Limited | IN · NSI | 222.01 | 272.00 | 210.72 | 241.71 | 7.90% |
| 7228 | T7 Global Berhad | MY · KLS | 0.255 | 0.30 | 0.255 | 0.275 | 7.84% |
| 600583 | Offshore Oil Engineering Co.,Ltd | CN · SHH | 6.03 | 6.58 | 6.01 | 6.52 | 7.59% |
| 7108 | Perdana Petroleum Berhad | MY · KLS | 0.14 | 0.16 | 0.14 | 0.15 | 7.14% |
| MCB | McCoy Global Inc. | CA · TOR | 2.11 | 2.30 | 2.10 | 2.27 | 6.57% |
| FLNT | Flint Corp. | CA · TOR | 1.40 | 1.49 | 1.33 | 1.49 | 6.43% |
| KLXE | KLX Energy Services Holdings Inc | US · NASDAQ | 1.50 | 1.68 | 1.35 | 1.61 | 5.92% |
| 1156 | China New Energy Limited | HK · HKG | 0.275 | 0.30 | 0.255 | 0.29 | 5.45% |
| EFX | Enerflex Ltd. | CA · TOR | 31.60 | 33.50 | 30.91 | 33.36 | 5.00% |
| MIRA | PT Mitra International Resources Tbk | ID · JKT | 23.00 | 25.00 | 23.00 | 24.00 | 4.35% |
| LIKHITHA | Likhitha Infrastructure Limited | IN · NSI | 221.50 | 245.99 | 217.10 | 230.23 | 4.28% |
| 5133 | Petra Energy Berhad | MY · KLS | 0.62 | 0.645 | 0.615 | 0.645 | 4.03% |
| LSE | Leishen Energy Holding Co., Ltd. Ordinary Shares | US · NASDAQ | 4.75 | 5.58 | 4.65 | 4.80 | 3.90% |
| WFRD | Weatherford International plc | US · NASDAQ | 82.24 | 86.00 | 79.59 | 85.08 | 3.72% |
| EFXT | Enerflex Ltd. | US · NYSE | 22.65 | 23.69 | 21.91 | 23.57 | 3.65% |
| 603727 | BOMESC Offshore Engineering Company Limited | CN · SHH | 17.78 | 19.36 | 17.61 | 18.24 | 3.64% |
| 7293 | Yinson Holdings Berhad | MY · KLS | 2.05 | 2.13 | 2.03 | 2.11 | 3.43% |
| 5078 | Marine & General Berhad | MY · KLS | 0.305 | 0.315 | 0.30 | 0.31 | 3.33% |
| DOLPHIN | Dolphin Offshore Enterprises (India) Limited | IN · NSI | 678.35 | 749.50 | 664.00 | 687.45 | 3.30% |
| E | Enterprise Group, Inc. | CA · TOR | 1.60 | 1.63 | 1.54 | 1.63 | 3.16% |
| 5218 | Vantris Energy Berhad | MY · KLS | 0.34 | 0.365 | 0.33 | 0.35 | 2.94% |