Oil prices have fallen sharply in recent weeks, and market players within the US domestic energy pipe markets say they’re “trying to hold on to their hats and glasses.”
“We are in the same boat as everyone else, just kind of wondering what is going to happen and how long this will last,” one source said.
Another source agreed, noting that while oil prices and the stock market have been extremely volatile, “it’s not unusual for the direction of the market to change on a dime,” he said. “It’s hard to say whether the markets will stay where they are for the short or long term. It’s all just one big wait-and-see.”
For now, spot market prices for US domestic J55 ERW OCTG casing have remained stable, and continue to hold in the range of $49-$54 cwt. ($1,080-$1,191/mt or $980-$1,080/nt), ex-mill.