On Friday, SteelOrbis reported that the US oil count decreased by an additional 21 rigs in the past week, bringing the current oil rig count to 237.
Demand is sluggish at best, sources note, which isn’t all that surprising, considering that global oil demand is at record-low levels.
“The pipe mills aren’t doing much of anything right now because there’s zero demand,” a source said. “Service centers that have stock will sell at whatever price point they need to be at just to get revenue in the door. There is no such thing as an average price. The whole market is an absolute mess.”
As with previous weeks, it’s “believed” that the average spot market price range for domestic API X-52 line pipe is still holding in an unofficial range of $46.50-$48.00 cwt. ($1,025-$1,058/mt) or $930-$960/nt), ex-mill, although “it’s hard to know where the price is when no one is buying.” That, sources note,"and the fact that domestic pipe mills aren't producing leaves it difficult for anyone to know what the accurate ex-mill price would be, for newly rolled material."