US OCTG prices stable after last week’s drop

Tuesday, 28 May 2019 19:26:16 (GMT+3)   |   San Diego
       

Spot market prices for US domestic J55 ERW OCTG casing have remained stable in the past seven days, after an approximate $1.00 cwt.  ($22/mt or $20/nt) dip reported earlier this month. Today, prices continue to trend in the range of $59.00-$61.50 cwt. ($1,301-$1,356/mt or $1,180-$1,230/nt), ex-mill.

Data from Baker Hughes indicates that for week ending May 24, the US oil rig count dropped by 5, to 797. Last week’s dip reflects a 62-rig drop from the same reporting period last year. Overall oil exploration in the US is down 7.2 percent, year-over-year, which is contributing to sluggish market conditions within the energy pipe sector.

 


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