The most recent data from Baker Hughes may have indicated that the US rotary rig count declined by 15 rigs in the past week, but prices within the US domestic and import API X-52 ERW line pipe markets have remained stable.
US import API X-52 ERW line pipe from Korea in the US domestic market continues to trend in the approximate range of $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt), DDP loaded truck in US Gulf ports, while the most commonly heard price range for US import API-X52 ERW line pipe from Mexico in the US domestic market is still being heard at $46.50-$47.50 cwt. ($1025-$1047/mt or $930-$950/nt), FOB Houston.
US domestic API X-52 ERW line pipe prices, sources note, are trending between $50.00-$52.50 cwt. ($1102-$1157/mt or $1000-$1050/nt), ex-mill.
Earlier today, Brent crude prices rallied to $60 per barrel for the first time in more than two years; current price points are supported on speculation that OPEC and other producers would extend production cuts through the close of 2018. Experts note that there is still concern that US shale producers, despite falling rig counts, will ramp up production, which could have a negative impact on oil prices.