According to the most recent data from Baker Hughes, the number of US rotary rigs drilling for oil fell by 21 additional rigs last week, which brings the current number of US rigs drilling for oil to 524; this comes on the heels of a 10-rig decrease seen one week prior. Current year-on-year oil exploration efforts continue to be down 62.5 percent, which is slightly better than the down 64.7 percent seen last week.
Little, if anything has changed within the market since our last report a week ago, as order activity and inquires continue to trend quiet. US domestic prices for finished J55 ERW OCTG casing are also once again unmoved, at approximately $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt), ex-Midwest mill, while offshore futures prices from Korean and Taiwanese producers continue to trend 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 that anyone who is wanting to book tons may be able to get a better price from Korean OCTG producers.