The Market Vectors Oil Service ETF (NYSEArca: OIH), the largest oil services exchange traded fund, is higher by 8.3% over the past month, but investors might do well to temper their expectations for a long run of oil services upside.

Schlumberger’s latest earnings results could point to further pain in the short-term as oilfield activity continues to weaken, reports Fred Imbert for CNBC.

“Schlumberger basically just lowered the boom, saying, ‘However, for oilfield services, the market outlook for the coming quarters looks increasingly challenging.’ In other words, the worst is not over,” Jim Cramer said on CNBC.

OIH’s recent rebound is impressive when considering the mammoth headwinds afflicting oil services stocks this year.

About $1.5 trillion of potential global investment, including money that could go into North America’s shale oil boom, is “out of the money” at current oil prices close to $50 per barrel and is unlikely to go ahead, reports Christopher Adams for the Financial Times.

With low oil prices pressuring oil producers’ bottom line, industry experts expect capital spending on new projects to decline by 20% and 30% on average, according to Wood Mackenzie, an energy consultancy. The consultant calculated that about $220 billion in investments have been cut so far, or $20 billion more than previously estimated two months ago, after the recent price declines.