Credit Benchmark have released the February Credit Consensus Indicators (CCIs). The CCI is an index of forward-looking credit opinions for Global, UK & US Oil & Gas based on the consensus views of over 20,000 credit analysts at 40+ of the world’s leading financial institutions.
Drawn from more than 950,000 contributed credit observations, the CCI tracks the total number of upgrades and downgrades made each month by credit analysts to chart the long-term trend in analyst sentiment for Oil & Gas. A monthly CCI score of 50 indicates neutral credit quality, with an equal number of upgrades and downgrades made over the course of a month. Scores above 50 indicate that credit quality is improving. Scores below 50 indicate that credit quality is deteriorating.
UK Oil & Gas firms have ended their streak of five consecutive month of positive credit balance, with a return to negative credit balance, while Global and US firms continue to enjoy net credit improvement.
Global Oil & Gas: Positive Streak Continues
Global Oil & Gas firms have gone from strength to strength, boasting CCI scores above 50 for 22 consecutive months and maintaining long-term net positive credit balance.
The Global Oil & Gas CCI score is 50.8 this month, a decrease from last month’s CCI of 52.8.
The International Energy Agency believes global oil demand will hit a record high of 101.7 million barrels per day this year.
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UK Oil & Gas: A Change in Trend
This month UK Oil & Gas firms ended their streak of five consecutive month of positive credit balance, with a return to negative credit balance.
The UK Oil & Gas CCI score is 45.3 this month, a significant decrease from last month’s CCI of 52.2.
UK Oil & Gas has announced that the Resan JV has identified and plans to drill in Q1 2023, a new potential shallow oil accumulation.
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US Oil & Gas: Trend of Net Improvement Continues
After ending their streak of 17 consecutive months of positive credit balance in July-22, US Oil & Gas firms have maintained positive credit balance for the fifth month running.
This month, the US Oil & Gas CCI score is 51.6, a slight decrease from last month’s CCI of 52.9.
US Oil and Gas deal-making declined by 13% last year to $58 billion compared to 2021, according to energy technology firm Enverus.
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