October Credit Consensus Indicators (CCIs) – UK, EU and US Oil & Gas

Credit Benchmark have released the October Credit Consensus Indicators (CCIs). The CCI is an index of forward-looking credit opinions for US, UK and EU 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.

This month US Oil & Gas firms return to positive credit quality. UK Oil & Gas firms maintain positive territory once again and EU Oil & Gas firms avoid net deterioration territory for a fourth month running.

UK Oil & Gas: Momentum Building

UK Oil & Gas firms are gaining positive momentum after a second consecutive month in the green.

The UK Oil & Gas CCI score is 52.8 this month, a slight improvement from last month’s CCI of 52.3.

As part of its efforts to boost domestic energy production and bolster energy security, the UK government has lifted the moratorium on shale gas production in England and confirmed its support for a new oil and gas licensing round.


EU Oil & Gas: One Step Forward

After some instability in their collective credit quality at the beginning
of this year, the consensus outlook on EU Oil & Gas firms has kept itself
out of net deterioration territory for a fourth month running.

The EU Oil & Gas CCI score is 51.1 this month, an improvement from
neutrality last month.

The European Union has promised a “robust” response to any intentional disruption of its energy infrastructure after saying it suspected sabotage was behind gas leaks discovered on subsea Russian pipelines to Europe.


US Oil & Gas: Return to Net Improvement

Last month US Oil & Gas firms ended their streak of 17 consecutive
months of positive credit quality.

However, this month, the US Oil & Gas CCI score is 55.7, a significant
increase from last month’s CCI of 47.9 and a return to net improvement.

US petroleum product exports increased in the first half of 2022 by 11% compared with the first half of 2021—the fastest growth rate for that time period since 2017.


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    Credit Benchmark brings together internal credit risk views from over 40 leading global financial institutions. The contributions are anonymized, aggregated, and published in the form of consensus ratings and aggregate analytics to provide an independent, real-world perspective of credit risk. Risk and investment professionals at banks, insurance companies, asset managers and other financial firms use the data for insights into the unrated, monitoring and alerting within their portfolios, benchmarking, assessing and analyzing trends, and fulfilling regulatory requirements and capital.