Source: Platts RigData Day Rate Report | November 2016

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US land rig day rates last month achieved their best outcome—in terms of month-to-month (MtM) sequential change—in over a year, according to Platts RigData’s Day Rate Report. In relentless freefall since posting an all-time record in October 2014, the US average day rate dipped sequentially from October to November by less than -0.5%. That’s the smallest MtM drop since September 2015.

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On a quarter-to-quarter (QtQ) basis (comparing Q3 with Q4 through November), the average day rate fell by just less than -1%—the best partial QtQ result since 4Q 2014. November also marked the first actual increase MtM for any region since July 2015, as well as a second region that had zero net change. Platts RigData’s key proprietary rig demand metrics such as marketed utilization and available rig ratio, also showed marked improvement in November.

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