SteelOrbis

US OCTG prices trend sideways as rig counts continue to tick upward

Tuesday, 07 February 2017 23:31:38 (GMT+3)   -   San Diego

The most commonly heard spot price transaction range for US domestic J55 ERW oil country tubular goods (OCTG) casing continues to trend at $45-$47 cwt. ($992-1036/mt or $900-$940/nt), ex-mill, although, as with last week, a handful of US-based customers say they have heard of transactions that are taking place slightly above this range.

There is also speculation that prices could push higher, especially due to increased demand.  The most recent data from Baker Hughes indicates that for the week of Feb. 3, the US rotary rig count increased by 17 to 729.  This reflects an overall 27.7 percent increase from the same week last year. 

Baker Hughes further noted that the total rig count has had its highest 3-week growth since the spring of 2013; year-over-year oil exploration in the US is up 24.8 percent.

“There is a lot of good stuff going on,” one source said.  “Orders are steady, the rig counts are going up and it’s looking like 2017 is going to be a good year.”


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