According to the most recent data from Baker Hughes, the number of US rotary rigs drilling for oil fell by 10 additional rigs last week, which brings the current number of US rigs drilling for oil to 545; this comes on the heels of a 9-rig decrease seen one week prior. Current year-on-year oil exploration efforts continue to be down 64.7 percent, reflecting no change since our last report a week ago.
Buyers continue to report that that order activity and inquiries are sluggish. In terms of pricing, US domestic prices for finished J55 ERW OCTG casing continue to trend in the approximate range of $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt), ex-Midwest mill, while published futures offer prices from Taiwanese and Korean producers are now in the approximate range of $27.50-$29.50 cwt. ($606-$650/mt or $550-$590/nt), DDP loaded truck in US Gulf Coast ports, although sources close to SteelOrbis say the current prices “don’t really matter because no one is buying anything anyway.”