Pricing within the US domestic API X-52 ERW line pipe market is still holding in the range of $61-$64 cwt. ($1,344-$1,411/mt or $1,220-$1,280/nt), ex-mill, and as with the past several weeks, import prices from Mexico are on par with the domestic range (FOB Texas). Overall, buying activity has also trended neutral.
Oil prices continue to remain strong. Earlier today, news outlets reported that US WTI crude oil prices are up 30 percent from levels recorded on January 1. Brent crude prices are also up, hovering at $63 per barrel. The reduction in production from OPEC, combined with US sanctions against Venezuela and Iran, are helping to keep prices strong.
In terms of current rig counts, the most recent data from Baker Hughes indicates that for the week ending March 22, 2019, the number of US rotary rigs drilling for oil was recorded at 824, a nine-rig drop from the week before.