Sources close to SteelOrbis to report that overall market activity continues to be “very busy.”
Global benchmark Brent crude oil futures were trading at $52.27 in the earlier part of the day; US crude futures were trading at $49.46 per barrel. However, it’s believed that tomorrow’s announcement by the US Department of Energy, which will discuss inventory data, could have an impact on near-term pricing. Although US oil production has risen since the start of 2017, crude inventory levels have been declining.
In terms of pricing for US import J55 ERW OCTG casing, sources say prices remain stable. Korean pricing is still being head at $42.50-$44.00 cwt. ($937-$970/mt or $850-$880/nt), DDP loaded truck in US Gulf coast ports, while prices for US import J55 ERW OCTG casing from Taiwan in the US domestic market are still being heard at $0.50 cwt. ($11/mt or $10/nt) below Korean pricing.