US OCTG markets still struggling due to soft oil prices

Wednesday, 26 August 2015 23:12:50 (GMT+3)   |   San Diego
       

Global oil production continues to outpace demand, and reports that Iranian oil producers intend to hit the ground running once oil export sanctions are removed are a vast concern for the US domestic J55 ERW OCTG casing market.  Official prices may be unchanged since our last report a week ago, with US domestic spot prices for finished J55 ERW OCTG casing holding at approximately $49.00-$50.00 cwt. ($1,080-$1,102/mt or $980-$1,000/nt), ex-Midwest mill, while futures offers for unfinished J55 electric resistance weld (ERW) oil country tubular goods (OCTG) casing from Korea and the Philippines remain steady at $35.50-$36.50 cwt. ($783-$805/mt or $710-$730/nt), DDP loaded truck US Gulf Coast ports, but trader sources, along with service center sources, report that there “really isn’t any sort of average transaction price because people just aren’t buying. The market is a mess right now, and until oil prices begin to stabilize the OCTG market will continue to suffer.”

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