According to the most recent data from Baker Hughes, for the week ending Nov. 18, 2016, the total
US rotary rig count increased by 20 rigs.
The number of rotary rigs drilling for oil was up 19 at 471. There are 93 fewer rigs targeting oil than last year. Rigs directed toward natural gas were up 1 at 116. The number of rigs drilling for gas is 77 lower than last year's level of 193.
Despite the recent upticks, the
US rotary rig county is still 169 rigs (22.3 percent) lower than it was during the same reporting period last year.
And while the upticks in rig count are certainly welcome for those involved with buying and selling
US import J55 ERW OCTG casing, market activity during the current week is trending light, as many in the
US have taken the week off to celebrate the Thanksgiving holiday.
As with last week, the most recently heard offer pricing for import OCTG casing from Taiwan in the
US domestic market has been heard at approximately $34.00 cwt. ($750/mt or $680/nt), DDP loaded truck in
US Gulf coast ports.