Themes / Group
Inactive · established relationshipLatest completed snapshot · Oct 6 · 18:26 ET

MARKET-DISCOVERED GROUP

Oil & Gas

THE TRADER READBroad relative move, confirmed beyond the cohort—but not by flow

6 of 6 measured SPY-adjusted paths align to the downside across 5.6 effective names. AR, CRL are also moving with filing-linked members. Capital-flow agreement is 5%, so the basket is not yet clean. No verified headline preceded the measured move.

Price breadth6 of 6 falling-2.3% median path versus SPY
Capital-flow alignment5%Price breadth is not yet confirmed by flow
Activity nowCalmActivity score 10/100 · lift 0.8×
Evidence depth13 support daysLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

4 timed events · 09:40–15:55 ET
TIMING READNo verified timestamped headline was found within 24 hours of the first measured price move in the available common-bar window. The move currently reads as market-led or unexplained.
  1. 5-minute inferenceOIS registered the first material downside path

    -1.81% session path at the threshold · OIS

  2. 5-minute inferenceBKR registered a material downside path

    -2.04% session path at the threshold · BKR

  3. 5-minute inferenceFTI registered a material downside path

    -1.36% session path at the threshold · FTI

  4. 5-minute inferenceNOV registered a material downside path

    -1.32% session path at the threshold · NOV

2 earlier filing context receipts

MON, APR 27NOV filing documented shared operating contextdemand / volume affecting revenue · date precision only

THU, APR 30CLB filing documented shared operating contextdemand / volume affecting revenue · date precision only

Headline times and retained activity confirmations are point-in-time evidence. Price order is inferred from aligned 5-minute bars. Filing evidence has date precision only and is context, not an intraday catalyst claim.
THEME CONSTRUCTION

Broad move or one-stock disguise?

SPY-adjusted 5m paths

Observed movement is broad across 5.6 effective names. OIS represents 23.3% of absolute path energy; 6 of 6 members align with the down relative path.

ConstructionBroad23.3% from the largest path
Effective names5.6 / 6Movement diversity after concentration
Direction breadth6/6 aligneddownside relative path · 0 counter-moving
Largest moverOIS 23.3%44.2% from the top two paths
OIS23.3%Aligned contributor · path -3.31% · basket -0.55pp
BKR20.9%Aligned contributor · path -2.97% · basket -0.49pp
FTI18.3%Aligned contributor · path -2.60% · basket -0.43pp
NOV14.1%Aligned contributor · path -2.01% · basket -0.33pp
BP12.4%Aligned contributor · path -1.77% · basket -0.29pp
CLB11.1%Aligned contributor · path -1.58% · basket -0.26pp
Top six names by movement share are shown. Movement share measures absolute 5-minute path energy; signed basket contribution is equal-weight. Neither is a portfolio weight or causal attribution.

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations
HOW THE PRICE MOVE SPREAD

Observed session sequence

5-minute bars · inferred
  1. OIS moved lower firstFirst member to clear the material path threshold · path -1.81%
  2. BKR registered a material lower path0m after the first price move · path -2.04%
  3. FTI registered a material lower path0m after the first price move · path -1.36%
  4. NOV registered a material lower path0m after the first price move · path -1.32%
  5. BP registered a material lower path0m after the first price move · path -0.76%
  6. CLB registered a material lower path0m after the first price move · path -0.73%

Sequence inferred from aligned 5-minute price paths; it is not a causal ordering.

RELATIVE CO-MOVEMENT

How the members are behaving together

SPY-adjusted
Oct 7 · 09:40 ETMove visible 10:05 ETOct 7 · 15:55 ET
Group median -2.30%Strongest relative path CLBWeakest relative path OIS

Observed member paths adjusted against SPY. The dashed marker shows when the median move first cleared a material threshold; shading marks the latest 20% of the observed window.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast
WHY NOW

Verified recent context

0 items

No verified recent catalyst is attached to this move. The relationship may be market-led rather than news-led.

WHY THIS GROUP EXISTS

Shared filing context

5/6 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across BKR, CLB, FTI, NOV, OIS.

demand / volume affecting revenue

“Strong execution on the segment’s backlog more than offset lower sales of aftermarket parts and services, which were impacted by war related disruptions in the Middle East.”

NOV 10-Q · 2026-04-28
credit / rates affecting interest expense

“Ended Year Ended December 31, September 30, December 31, 2025 2024 2025 2025 2024 Reconciliation of Adjusted EBITDA: GAAP net income (loss) attributable to Company $ (78 ) $ 160 $ 42 $ 145 $ 635 Noncontrolling interests (3 ) 1 2 6 — Provision for income taxes 147 38 29 224 196 Interest expense 22 24 22 88 91 Interest income (19 ) (11 ) (11 ) (51 ) (38 ) Equity (income) loss in unconsolidated affiliates 6 1 11 16 (36 ) Other (income) expense, net 17 (6 ) 12 66 28 (Gain) loss on sales of fixed assets (1 ) — (3 ) (3 ) — Depreciation and amortization 90 88 89 355 343 Pre-tax Other Items, net 86 7 65 183 (109 ) Total Adjusted EBITDA $ 267 $ 302 $ 258 $ 1,029 $ 1,110 Liquidity and Capital Resources Overview At December 31, 2025, the Company had cash and cash equivalents of $1,552 million, and total debt of $1,718 million.”

NOV 10-K · 2026-02-12
restructuring

“For 2025, the effective tax rate was negatively impacted by the establishment of additional valuation allowances for foreign tax credit carryforwards and losses in certain jurisdictions, an unfavorable earnings mix including withholding taxes in higher tax rate jurisdictions, and the impairment of nondeductible goodwill, partially offset by the release of reserves for unrecognized tax benefits.”

NOV 10-K · 2026-02-12
CONFIRMATION NETWORK

Outsiders and cross-asset links

2 outsiders confirming

No qualified cross-asset lead/lag link is available for this group.

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

ARMoving with group

OIS · text peer

CRLMoving with group

BKR · text peer

SOCNot confirming

CLB · text peer

FDSNot confirming

BKR · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
NOVCLBBPFTIOISBKR

5/6 active0 rising · 6 falling

MemberUnusual activityToday's moveRead now
NOVNOV Inc.
Most unusual · 100/100
-2.0%
Aligned price + flowActive in 0% of observed group sessions
CLBCore Laboratories Inc.
Elevated · 87/100
-1.7%
Aligned price + flowActive in 0% of observed group sessions
BPBP p.l.c.
Elevated · 56/100
-1.1%
Aligned price + flowActive in 0% of observed group sessions
FTITechnipFMC plc
Elevated · 52/100
-2.1%
Aligned price + flowActive in 0% of observed group sessions
OISOil States International, Inc.
Elevated · 46/100
-2.1%
Aligned path contributorActive in 0% of observed group sessions
BKRBaker Hughes Company
Quiet · 32/100
-3.0%
Watch / laggardActive in 0% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
NOVNOV Inc.Most unusual-2.0%0% of 0 sessionsMost unusual activity in this snapshot; performance direction may differ.
CLBCore Laboratories Inc.Participating-1.7%0% of 0 sessionsPrice participation with distributing signed flow.
BPBP p.l.c.Participating-1.1%0% of 0 sessionsPrice participation with accumulating signed flow.
FTITechnipFMC plcParticipating-2.1%0% of 0 sessionsPrice participation with distributing signed flow.
OISOil States International, Inc.Participating-2.1%0% of 0 sessionsPrice participation is not yet confirmed by per-name flow.
BKRBaker Hughes CompanyQuiet / lagging-3.0%0% of 0 sessionsNot participating yet; a breadth test or a genuine divergence.

04 · HAS THIS HAPPENED BEFORE

Identity history versus measured outcomes

Structural recurrence is not the same as a validated trading outcome
POINT-IN-TIME LIVE OUTCOMES

Live outcome ledger collecting

0/0 events completed

No completed point-in-time outcome is available yet. New live confirmations are now retained with their exact observation timestamp; statistics appear only after the corresponding candles complete.

Only point-in-time live watcher observations and conservative same-day EOD observations are included. Later backfills and replay runs are excluded.
Low structural sample

Only 0 completed episodes across 0 active sessions; treat history as context, not a validated playbook. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support13 daysHow often the cohort identity was observed
Completed episodes0Separate periods of broad group activity
Active sessions0Completed session observations, not trades
2026-10-066 names in the durable cohort
2026-10-0213 names in the durable cohort
2026-10-0116 names in the durable cohort
2026-09-3012 names in the durable cohort
2026-09-2812 names in the durable cohort
2026-09-2510 names in the durable cohort
2026-09-2310 names in the durable cohort
2026-09-2213 names in the durable cohort
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
BKR0% · 0 episodes
BP0% · 0 episodes
CLB0% · 0 episodes
FTI0% · 0 episodes
NOV0% · 0 episodes
OIS0% · 0 episodes