Prices for US domestic API X-52 line pipe have held at $71.25-$73.75 cwt. ($1571-$1626/mt or $1425-1475/nt) ex-mill, unchanged in the past week, although July 4 holiday week price stability is not unusual, as many within the US have taken the week off to spend time with their families.
Of note, however, are news reports that indicate Bank of America Merrill Lynch is predicting that if the US succeeds in eliminating all Iranian oil exports, that oil barrel prices could spike to $120 per barrel, if not higher.
In terms of US rig count, today’s report from Baker Hughes indicates that US drillers added five rigs in the past week, which brings the current rig count to 863. In contrast, there were only 763 active rigs during the same reporting period last year.