Oil prices are firm, and the drill rig count continues to increase, which is positive news for suppliers to the energy sector. The spot price of West Texas Intermediate (WTI) has remained above $60 per barrel since Feb. 14 and on April 10 closed at $65.48 per barrel. The total number of operating rigs exploring […]
The U.S. rig count, an indicator of oil country tubular goods demand, rose this week, according to April 13 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs rose by 5 to 1,008 rigs, with oil rigs up 7 to 815 rigs, gas rigs down 2 to 192 rigs, and […]
Service center shipments in February were stronger than the seasonal norm, according to Steel Market Update’s latest analysis of Metals Service Center Institute data. Daily shipments in February were 3.8 percent higher than in January. On average since 2009, February shipments have decreased by 0.4 percent; therefore, these latest numbers were seasonally better than the […]
Last week, the Energy Information Administration (EIA) announced that in the last two months of 2017, the U.S. pumped more crude oil than at any time in history. The spot price of West Texas Intermediate (WTI) broke through the $60 level on Dec. 29 for the first time since Dec. 18, 2014. It reached $64.22 […]
The U.S. rig count, an indicator of oil country tubular goods demand, rose this week, according to March 2 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs rose by 3 to 981 rigs, with oil rigs up 1 to 800 rigs, gas rigs up 2 to 181 rigs, and […]
January service center intake rose 12 percent month over month but was flat compared to the seasonal norms and was down 2.7 percent compared to January 2017 intake. Daily shipments in January were 31.1 percent higher than in December and were 4.3 percent higher than January 2017. According to Steel Market Update’s latest analysis of […]
The U.S. rig count, an indicator of oil country tubular goods demand, was down for the week, but is up 23 percent year over year, according to Feb. 2 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs fell by 1 to 946 rigs, with oil rigs up 6 to […]
Service center shipments in December were stronger than the seasonal norm, according to Steel Market Update’s latest analysis of Metals Service Center Institute data. Daily shipments in December were 11.8 percent lower than in November. On average since 2009, December shipments have decreased by 13.1 percent; therefore, these latest numbers were seasonally better than the […]
The spot price of West Texas Intermediate (WTI) broke through the $60 level on Dec. 29 for the first time since Dec. 18, 2014. It reached $64.22 on Jan. 12 before falling back to $63.82 on Jan. 16. The total number of operating rigs exploring for oil and gas increased by 15 in the week […]
The U.S. rig count, an indicator of oil country tubular goods demand, increased this week, according to Jan. 12 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs rose by 15 to 939 rigs, with oil rigs up 10 to 752 rigs, gas rigs up 5 to 187 rigs, and […]
The weekly U.S. rig count, an indicator of oil country tubular goods demand, decreased this week, according to Jan. 5 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs declined by 5 to 924 rigs, with oil rigs down 5 to 742 rigs, gas rigs unchanged at 182 rigs, and […]
On Nov. 3, the spot price of West Texas Intermediate (WTI) closed above $55 per barrel and hasn’t fallen below that level through the latest data on Dec. 11. The total number of operating rigs exploring for oil and gas increased every week from Nov. 10 through Dec. 8, though at a declining rate, and […]
Service center shipments in November declined by 2.5 percent, close to the normal seasonal change for this time of year, according to Steel Market Update’s analysis of Metals Service Center Institute data. Daily shipments in November were 2.5 percent lower than in October. On average since 2009, November has decreased by 2.1 percent from the […]
The weekly U.S. rig count increased this week, according to Dec. 8 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs increased by 2 to 931 rigs, with oil rigs up 2 to 751 rigs, gas rigs unchanged at 180 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to […]
The price of West Texas Intermediate oil has been above $55 per barrel for all of November. On Nov. 3, the spot price of West Texas Intermediate (WTI) closed above $55 per barrel where it stayed through the latest data on Nov. 22. The number of operating rigs exploring for both oil and natural gas […]
Service center shipments in October exceeded expectations, led by long products and plate, according to Steel Market Update’s analysis of Metals Service Center Institute data. Daily shipments in October were 1.9 percent higher than in September. On average since 2009, October has decreased by 1.9 percent, therefore these latest numbers were better than the historical […]
The weekly U.S. rig count increased this week, according to Nov. 17 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs increased by 8 to 915 rigs, with oil rigs unchanged at 738 rigs, gas rigs up 8 to 177 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to […]
Oil prices have topped $63 in recent weeks, up from $43 in June, but don’t expect a big uptrend in the price per barrel in 2018. Experts expect oil to continue trading in a tight range, keeping demand for oil country tubular goods in check at least through the first half next year. High energy […]
Since Sept. 20, there have only been two days when the spot price of West Texas Intermediate (WTI) closed below $50, which is a positive sign for steel. The prices of oil and natural gas drive the consumption energy-related steel products including oil country tubular goods, pipe fittings and well head equipment, among others. A […]
Service centers’ daily steel shipments in September were 0.9 percent higher than in August, matching the average since 2009. Therefore, the latest numbers were exactly on the historical track for this time of year, according to Steel Market Update’s analysis of Metals Service Center Institute data (MSCI). Carbon steel shipments were 144,400 tons per day […]
The weekly U.S. rig count took a slight dip this week, according to Sept. 8 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs declined by 8 to 928 rigs, oil rigs declined 5 to 743 rigs, gas rigs fell 2 to 185 rigs, and miscellaneous rigs were down 1 […]
On Wednesday, Sept. 20, the price of West Texas Intermediate (WTI) rose above $50 per barrel for the first time since July 31, which was the only day greater than $50 since May 24. WTI closed at $51.86 on the 25th. The number of operating rigs exploring for both oil and gas had a recent […]
The oil and gas drill rig count is increasing rapidly as the price of West Texas Intermediate hovers near $60 per barrel. The spot price of WTI broke through the $60 level on Dec. 29 for the first time since Dec. 18, 2014. It reached $64.22 on Jan. 12 before falling back to $59.41 on […]
The weekly U.S. rig count remained steady this week, according to Sept. 8 data from Baker Hughes, a GE Company. The number of active U.S. drill rigs declined 1 to 935 rigs; oil rigs declined 5 to 744 rigs, gas rigs rose 4 to 190 rigs, and miscellaneous rigs were unchanged at 1 rig. Compared […]
Service center shipments in August failed to perform as well as the average since 2009, according to data from the Metals Service Center Institute. Daily shipments in August were 1.8 percent higher than in July. On average since 2009, August has increased by 3.0 percent, therefore the latest numbers were less than the historical average […]
The U.S. economy should finish 2017 strong, but the leading indicators point to a downturn in the second half of 2018 followed by a mild global recession in 2019, predicts economist Alan Beaulieu, principal of ITR Economics, who addressed a sellout crowd Aug. 30 at Steel Market Update’s Steel Summit Conference in Atlanta. “You will […]
The weekly U.S. rig count remained steady this week, according to Sept. 8 data from Baker Hughes, a GE Company. The number of active oil rigs declined by 3 to 756 rigs, while the active gas rig count rose 4 to 187 rigs. The miscellaneous rig count was unchanged at 1 rig. Compared to this […]
Service center shipments took the normal dip in July, but the decline was slightly more than the historical average. Months on hand at the end of July were up sharply, partly because of a decline in shipping days, according to Steel Market Update’s latest analysis of Metals Service Center Institute data. Daily shipments in July […]
In the last month, the price of crude oil has risen and the price of natural gas has declined slightly. The number of operating rigs exploring for both oil and gas has declined for three straight weeks. This is the first decline since the low point of June 27 last year. The prices of oil […]
The weekly U.S. rig count took a slight dip, according to Aug. 4 data from oilfield services company Baker Hughes, Inc. The oil rig count declined by 1 to 765 rigs, while the gas rig count declined by 3 to 189 rigs, for a total of 954. The miscellaneous rig count was unchanged. Compared to […]