According to the most recent data from Baker Hughes, the number of
US rotary rigs drilling for oil declined by an additional 9 rigs last week, bringing the current number of
US rigs drilling for oil to 605. This decline comes on the heels of a 26 rig count drop seen one week prior, and a four-rig drop that took place the week before that.
US oil exploration efforts continue to be hindered by ongoing volatility within global oil prices and while some experts predict that oil barrel prices may have bottomed out, and could begin a modest upswing, others say it’s too soon to make that call.
All of this continues to impact pricing and order activity within the
US domestic and import J55 electric resistance weld (ERW) oil country
tubular goods (OCTG) casing markets. The most commonly reported ex-Midwest mill spot price range is still at approximately $42.50-$43.50 cwt. ($937-$959/mt or $850-$870/nt), while futures offer prices from Korean producers remain in the approximate range of $32.50-$33.50 cwt. ($717-$739/mt or $650-$670/nt), DDP loaded truck
US Gulf Coast ports, however service center and trader sources continue to report that anyone who is wanting to book a decent-sized order can essentially name their own price.