The
US domestic and import oil country
tubular goods (OCTG) markets have maintained their sideways trend.
Pricing for unfinished, import oil country
tubular goods
tubing from Korea in the
US domestic market continues to be heard at $33.50-$34.50 cwt. ($739-$761/mt or $670-$690/nt), DDP loaded truck in
US Gulf coast ports.
Looking onshore,
US domestic, ex-mill spot market prices are still considered to be irrelevant, due to years-old inventory that remains in stock at the distribution center level.
In terms of the oil patch, the
US domestic rotary rig count has recorded another modest uptick in the past seven days; the most recent data from Baker Hughes shoes that for week ending Oct. 14, the number of rotary rigs drilling for oil was up 4, to 432.
It’s also worth noting that oil barrel prices, which had previously inched above the $50 mark, settled at $49.94 on Monday. Today, news outlets are reporting that oil barrel futures are fighting to climb back above the $50 per barrel level, although oil producing nations are expressing concern that the recent “rise above $50” could spur oil production levels in the
US shale, which could help keep oil barrel prices soft.