News reports today have indicated that US crude output is expected to exceed 11 million barrels per day by November 2018; the previous forecast indicated production would not reach that level until November 2019.
Bloomberg today reported that the US Energy Information Administration expects that the US will become a net energy exporter by 2022 and a net petroleum exporter before the end of that decade.
In terms of current oil prices, both Brent crude and West Texas Intermediate were both trading in excess of $64 per barrel, which has optimism within the US energy pipe markets trending strong. Demand continues to be robust, sources say, which seems to be directly correlated to sweeping deregulatory efforts under the Trump Administration.
In terms of pricing, the most commonly heard transaction range for US import J55 ERW OCTG casing from Taiwan in the US domestic market is still being heard at $40.00-$41.00 cwt. ($882-$904/mt or $800-$820/nt), DDP loaded truck in US Gulf coast ports, which reflects lateral movement week-over-week.