These top names have big problems.
News & Analysis: Transocean
RIG earnings call for the period ending June 30, 2020.
The offshore driller enjoyed a bounce-back month.
Inventories of just about everything related to crude oil are going up again, and demand is still way down.
Yesterday's near-euphoric rally sent some oil stocks soaring, but today is a sobering reminder of the realities of the market.
Oil drilling stocks are absolutely crushing it today, and could be getting way ahead of the fundamentals of the oil patch.
Rising oil prices, positive jobs data, and expectations OPEC+ will extend production cuts have investors betting that the worst is over.
The industry isn't safe nowadays.
A positive report about one vaccine candidate, a major central bank figure sparking optimism the Fed has more weapons at its disposal, and word out of China that oil consumption is on the rise all have investors buying.
The petroleum sector is drowning in its own product, and these companies in particular are struggling to stay afloat.