Oil prices may have closed at a one-month high when the stock market closed on Tuesday, but that hasn’t impacted drilling activity quite yet. “Everything is still wobbly,” according to one Midwest-based source. And while the
US domestic spot price range for finished J55 ERW OCTG casing continues to hold at approximately $59.00-$61.00 cwt. ($1,300-$1344/mt or $1,180-$1,220/nt) ex-Midwest mill; “everything is negotiable.” Some service and distribution centers have also started to trend flexible on pricing, although sources say they have seen worse in the past.
In terms of offshore offers, those too remain relatively stable, with Taiwanese producers still at approximately $44.00-$45.00 cwt. ($970-$992/mt or $880-$900/nt) DDP loaded truck in
US Gulf coast ports for unfinished J55 ERW OCTG casing, while offer prices from Korean producers for unfinished J55 ERW OCTG casing, previously at $49.00-$50.00 cwt. ($1,080-$1,102/mt or $980-$1,000/nt) DDP loaded truck in
US Gulf coast ports, trader sources continue to report that offshore producers are ready and willing to make deals to book orders.