The most commonly heard price for Korean API X-42 line pipe in the US domestic market is still being heard in the approximate range of $39-$41 cwt. ($860-$904/mt or $780-$820/nt), DDP loaded truck in US Gulf coast ports; offer prices for Korean API X-52 line pipe in the US domestic market are also lateral week-over-week, in the approximate range of $40.50-$41.50 cwt. ($893-$915/mt or $810-$830/nt), DDP loaded truck in US Gulf coast ports.
Some sources, however, note that deals that are transacted today will not ship until July, and that “people are too nervous to book this far out.”
Overall market sentiment out of the oil patch, however, is positive. Earlier today, the US Energy Information Administration reported that during the week of Feb. 17, crude oil inventories rose by 564,000 barrels. Analysts, however, had predicted that crude inventories would increase by approximately 3.5 million barrels. The news helped bolster oil prices, which is good news for the energy pipe industry.
It should also be noted that OPEC, which had previously agreed to curb oil output, has been sticking to that promise.