Still-increasing rig counts have resulted in the
US oil country
tubular goods (OCTG) market trending positive this week.
Last week, Baker Hughes reported that the
US rotary rig count had increased by 10 rigs, week-over-week. At current, the total rig count is 237 rigs (46.1 percent) higher than during the same reporting period in 2016.
“Demand is good,” one source said. Increased demand out of the oil patch, he noted, is evident based on recent upticks in demand for
US hot rolled coil and scrap, helping push prices higher in both those segments.
Current pricing for
US domestic J55 ERW oil country
tubular goods casing (OCTG) continues to trend at $45-$47 cwt. ($992-1036/mt or $900-$940/nt), ex-mill, although it’s believed that prices could soon revise upward due to still-firming
US HRC prices.