US domestic prices for oil country
tubular goods (OCTG casing may have held steady week-on-week, still at of $59.00-$61.00 cwt. ($1,300-$1344/mt or $1,180-$1,220/nt) ex-Midwest mill, but some are concerned that the 25 percent drop in oil prices in the past five months could take a toll on the market. Industry reports show that current prices are hovering around $80 per barrel, and if the latest prediction from Goldman Sachs holds true, that could fall to $70 per barrel by Q2 2015. If that does in fact happen, many are concerned this could lead to a dip in the
US rig count. For now, the most recent data from Baker Hughes shows that year-on-year oil exploration in the
US is up by 17.5 percent, with the current oil rig count sitting at 1,927, which reflects 10.9 percent increase from the same period last year.
In terms of offshore offers, things have held lateral. The most recent futures prices from Taiwanese producers have held in the approximate range of $46.00-$47.00 cwt. ($1,014-$1,036/mt or $920-$940/nt, DDP loaded truck in
US Gulf coast ports, although trader sources say new offers will be available this week. Korean offers for unfinished J55 ERW OCTG casing are also unchanged, and are still in the approximate range of $980-$1,000 cwt. ($49.00-$50.00 cwt. ($1,080-$1,102/mt or $980-$1,000/nt) DDP loaded truck in
US Gulf coast ports.