Market players who are involved in buying and selling US import API X-52 line pipe say that data indicating that the US rotary rig count is up by 33 percent, year-over-year, has optimism trending strong.
US oil production is at near-record levels, analysts say, but that hasn’t dampened pricing. Earlier today, US WTI oil was trading at $64.55 per barrel, while global benchmark Brent crude was trading at $68.11 per barrel. Yesterday, Goldman Sachs revised their six-month oil price projections; the company is now predicting that in six months, Brent crude will be trading above $80 per barrel.
All of this is good news for the US energy pipe industry, but in terms of current pricing, import API X-52 line pipe from Mexico is still being heard at $47-$48 cwt. ($1036-$1058/mt or $940-$960/nt), FOB Houston, while pricing for API X-52 line pipe in the US domestic market from Taiwan continues to trend at $41.50-$42.50 cwt. ($915-$937/mt or $830-$850/nt), DDP loaded truck in US Gulf coast ports.