Ongoing surveys for RigData’s Day Rate Report this month point to growing fears among drillers that not only is there no relief in sight but that conditions actually could be worsening. Certainly the brief return of WTI to less than $30/bbl this month has contributed to that darkening outlook.

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Adding to drillers’ worries are comments by some operators in earnings calls that they will continue to extract price concessions from service providers in order to keep even minimal drilling programs afloat.

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Survey results to date in February show a 30% month-to-month jump in the number of drillers citing a decline in leading-edge day rates and a 39% MTM gain in the tally of drillers reporting worsening rig demand.