According to the most recent data from Baker Hughes, the number of
US rotary rigs drilling for oil fell by 9 more rigs last week, which brings the current number of
US rigs drilling for oil to 555; this comes on the heels of a 10-rig decrease seen one week prior. Year-on-year oil exploration efforts also continue to suffer; last week’s data indicated oil exploration efforts had were down by 63.4 percent. This week, current data indicates that year-on-year oil exploration efforts are down by 64.7 percent.
As with last week, sources close to SteelOrbis report that market activity is “very slow,” and many have said they plan to extend their end-of-year holiday vacations due to the lack of market activity. 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 Korean producers are neutral week on week, still at $32.50-$33.50 cwt. ($717-$739/mt or $650-$670/nt), DDP loaded truck
US Gulf Coast ports, while offers from Taiwanese producers continue to trend as much as $5.00 ($110/mt or $100/nt) below Korean offer prices. It should further be noted that while two Taiwanese OCTG producers had previously petitioned the
US Department of Commerce to perform an administrative review of the previously-assigned antidumping duties, the
US DOC yesterday announced it was rescinding its administrative review in part, on certain oil country
tubular goods from
Taiwan for the period of review (POR) July 18, 2014, through August 31, 2015.