Global oil prices continue to be robust; earlier today, prices hovered at their highest level in months and prices have climbed 15 percent in the past three months. Much of this is attributed to production cuts by OPEC and other producers, but at current, some countries are on the fence about whether to extend these cuts beyond January.
Production in the US continues to remain strong. Earlier this week, the US government reported that for the week ending Sept. 15, US domestic crude oil production rose to 9.51 million barrels per day. Buyers and sellers of US import line pipe say this is helping to keep the market stable.
US domestic API-X52 line pipe spot market prices have held lateral week-over-week and are trending at $54-$55 cwt. ($1191-$1213/mt or $1080-$1100/nt), FOB Houston, while prices for US import API-X52 ERW line pipe from Mexico continue to be heard in the range of $46.50-$47.50 cwt. ($1025-$1047/mt or $930-$950/nt), FOB Houston.
Lastly, US import API-X52 ERW line pipe from Korea are also steady, at approximately $47.50 cwt. ($1047-$950/nt), DDP loaded truck in US Gulf coast ports.