SteelOrbis has learned that the spot market price range for finished US domestic J55 ERW OCTG casing is being heard at $64.00-$64.50/cwt. ($1,411/mt or $1,280/nt) versus a previous range of $66.00-$66.50 cwt. ($1,366-$1,411/mt or $1,240-$1,280/nt) reported near the end of May.
“Prices are continuing to come down for finished pipe,” said one SteelOrbis pipe trader. “OCTG values are down about 3 percent over the past 3-4 weeks on oversupply both at end-users, and on the ground at producers. The rig count has also been stagnant and as a result new drilling activity has been limited,” he continued, “There’s also historically very low new drilling activity as we head up to the November election.”
According to Baker Hughes, the US rig count on 21 June was 588 oil and gas rigs, down 2 from the previous week and down 94 from one year ago.
