Drilling retreat predicted on falling prices

Traders work on the floor of the New York Stock Exchange

Price pessimism: Investment firm worried about curbs on activity

REUTERS/SCANPIX

related stories

By News wires

 18 June 2012 21:55 GMT

Analysts at Raymond James downgraded a number of drillers, including Ensco and National Oilwell Varco, and cut its US rig count estimate for 2013 for the second time in as many months, saying companies are likely to reduce activity, which in turn can help to sustain oil price levels.

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index