US OCTG market still seeks stability

Tuesday, 15 October 2019 00:16:25 (GMT+3)   |   San Diego
       

On Friday, Baker Hughes reported that the US rotary rig count had increased by one rig, but sources within the domestic energy pipe markets say that far greater gains are needed to have an impact on the market. The total US rig count, which was recorded at 856 in the week ending Oct. 14, is down by 19.5% year-over-year.

Meanwhile, it was reported today that oil prices fell by 1.5% due to concerns that a US-China trade deal may be off the table. Failure for the US and China to come to an agreement may have ramifications for the global economy, which could have a negative impact on oil demand.

In terms of  this week’s pricing for US domestic J55 ERW OCTG casing, the official range is still being heard at $50-$55 cwt. ($1,102-$1,213/mt or $1,000-$1,100/nt) ex-mill, but as with last week, deals are rampant at both the mills and service centers.

 


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