Edmonton is also without defenseman Andrej Sekera, who sustained a knee injury in the playoffs and is expected back in the lineup in mid-December.
"It's fair to say that [offseason moves] are not panning out in general, but part of being a GM is you have to balance fixing and going with your gut and applying patience," Chiarelli said. "That's not to say that we're not trying to fix these things. A lot of things aren't going right at this point, we're trying to work our way through it."
Chiarelli said he is looking at possible trades to improve Edmonton, but is not ready to give up on the group he assembled.
"We're in second-last in our division, third last in the League, it's obviously a spot we are very disappointed to be in," he said. "You have to be vigilant, but you can't overreact in the sense that you can't just blow things up. This doesn't mean we aren't looking at opportunities for players. It doesn't mean we're going to be patient all year with this group. It just means we're trying to figure it out. We'd like see some traction somewhere and if we don't, we're going to have to take a different tack."
Edmonton completed a five-game road trip with a 4-2 win at the Boston Bruins on Sunday, but was 2-5-1 in its previous eight games.
The Oilers, who have won consecutive games once this season, have been held to two goals or fewer in 14 of their 24 games.
"There are a number of things, but it goes back to mental," Chiarelli said. "It goes back to a little bit what we talked about this summer, about managing expectations. I think things can spiral a little bit mentally, so you have to really deal with that, you consciously or subconsciously get into a comfort level and I think consciously or subconsciously underestimate the opponent."
Chiarelli said he still has confidence in coach Todd McLellan and the rest of his staff.