The price of oil and natural gas have much to do with sales of oil country tubular goods (OCTG) and related steel products. The energy markets represent a large portion of the hot rolled coil used to make pipe and tube, storage facilities as well as equipment used to drill and pump oil and natural […]
According to Baker Hughes data from June 10, 2016, the U.S rig count for the week was 414 rigs exploring for or developing oil or natural gas. This is up 6 rigs compared to last week. Compared to this time last year, the 414 count is down 445 rigs. The is the second week in […]
According to Baker Hughes data from June 3, 2016, the U.S rig count for the week was 408 rigs exploring for or developing oil or natural gas. This is up 4 rigs compared to last week, with oil rigs up 9 to 325 rigs, gas rigs down 5 to 82 rigs, and miscellaneous rigs unchanged […]
According to Baker Hughes data from May 27, 2016, the U.S rig count for the week was 404 rigs exploring for or developing oil or natural gas. This is unchanged compared to last week, with oil rigs down 2 to 316 rigs, gas rigs up 2 to 87 rigs, and miscellaneous rigs unchanged at 1 […]
The following analysis was done by Peter Wright who writes a number of analytical articles for Steel Market Update. The energy markets are key markets for steel so it is important for our readers to understand oil and gas prices as well as the tubular products associated with drilling and transportation of oil and gas. […]
According to Baker Hughes data from May 13, 2016, the U.S rig count for the week was 406 rigs exploring for or developing oil or natural gas. This is a decrease of 9 rigs when compared to last week, with oil rigs down 10 to 318 rigs, gas rigs up 1 to 87 rigs, and […]
According to Baker Hughes data from May 6, 2016, the U.S rig count for the week was 415 rigs exploring for or developing oil or natural gas. This is a decrease of 5 rigs when compared to last week, with oil rigs down 4 to 328 rigs, gas rigs down 1 to 86 rigs, and […]
According to Baker Hughes data from April 29, 2016, the U.S rig count for the week was 420 rigs exploring for or developing oil or natural gas. This is a decrease of 11 rigs when compared to last week, with oil rigs down 11 to 332 rigs, gas rigs down 1 to 87 rigs, and […]
The following analysis was done by Peter Wright who writes a number of analytical articles for Steel Market Update. The energy markets are key markets for steel so it is important for our readers to understand oil and gas prices as well as the tubular products associated with drilling and transportation of oil and gas. […]
According to Baker Hughes data from April 11, 2016, the U.S rig count for the week was 450 rigs exploring for or developing oil or natural gas. This is a decrease of 14 rigs when compared to last week, with oil rigs down 10 to 362 rigs, gas rigs down 4 to 88 rigs, and […]
According to Baker Hughes data from April 8, 2016, the U.S rig count for the week was 443 rigs exploring for or developing oil or natural gas. This is a decrease of 7 rigs when compared to last week, with oil rigs down 8 to 354 rigs, gas rigs up 1 to 89 rigs, and […]
According to Baker Hughes data from March 24, 2016, the U.S rig count for the week was 464 rigs exploring for or developing oil or natural gas. This is a decrease of 12 rigs when compared to last week, with oil rigs down 15 to 372 rigs, gas rigs up 3 to 92 rigs, and […]
The following analysis was done by Peter Wright who writes a number of analytical articles for Steel Market Update. The energy markets are key markets for steel so it is important for our readers to understand oil and gas prices as well as the tubular products associated with drilling and transportation of oil and gas. […]
According to Baker Hughes data from March 11, 2016, the U.S rig count for the week was 480 rigs exploring for or developing oil or natural gas. This is a decrease of 9 rigs when compared to last week, with oil rigs down 6 to 386 rigs, gas rigs down 3 to 94 rigs, and […]
According to Baker Hughes data from March 4, 2016, the U.S rig count for the week was 489 rigs exploring for or developing oil or natural gas. This is a decrease of 13 rigs when compared to last week, with oil rigs down 8 to 392 rigs, gas rigs down 5 to 97 rigs, and […]
According to Baker Hughes data from February 26, 2016, the U.S rig count for the week was 502 rigs exploring for or developing oil or natural gas. This is a decrease of 12 rigs when compared to last week, with oil rigs down 13 to 400 rigs, gas rigs up 1 to 102 rigs, and […]
According to Baker Hughes data from February 19, 2016, the U.S rig count for the week was 514 rigs exploring for or developing oil or natural gas. This is a decrease of 27 rigs when compared to last week, with oil rigs down 26 to 413 rigs, gas rigs down 1 to 101 rigs, and […]
On Monday there was a meeting between Russia and select OPEC members where they agreed to an oil output freeze at January levels in an effort to tackle a global supply glut. This was a closed door meeting in Doha between Saudi Arabia, Venezuela, Qatar and Russia. Evidently there was a caveat that other members […]
According to Baker Hughes data from February 12, 2016, the U.S rig count for the week was 541 rigs exploring for or developing oil or natural gas. This is a decrease of 30 rigs when compared to last week, with oil rigs down 28 to 439 rigs, gas rigs down 2 to 102 rigs, and […]
According to Baker Hughes data from February 5, 2016, the U.S rig count for the week was 571 rigs exploring for or developing oil or natural gas. This is a decrease of 48 rigs when compared to last week, with oil rigs down 31 to 467 rigs, gas rigs down 17 to 104 rigs, and […]
According to Baker Hughes data from January 29, 2016, the U.S rig count for the week was 619 rigs exploring for or developing oil or natural gas. This is a decrease of 18 rigs when compared to last week, with oil rigs down 12 to 498 rigs, gas rigs down 6 to 121 rigs, and […]
According to Baker Hughes data from January 22, 2016, the U.S rig count for the week was 637 rigs exploring for or developing oil or natural gas. This is a decrease of 13 rigs when compared to last week, with oil rigs down 5 to 510 rigs, gas rigs down 8 to 127 rigs, and […]
Figure 1 shows historical gas and oil prices since January 2000. The daily spot price of West Texas Intermediate (WTI) closed at $31.42 on January 11th, down from $36.31 on December 14th, according to the latest daily figure available from the Energy Information Administration (EIA). There have been reports in the press that oil broke […]
According to Baker Hughes data from January 8, 2016, the U.S rig count for the week was 664 rigs exploring for or developing oil or natural gas. This is a decrease of 34 rigs compared to last week, with oil rigs down 20 to 516 rigs, gas rigs down 14 to 148 rigs, and miscellaneous […]
Last year was a major year for labor contracts that affected the steel industry. After months of slowdowns and contentious negotiations on the West Coast in 2014, the PMA/ILWU finally ratified a contract in May of 2015. The labor dispute caused delay of steel shipments and other products, congestion on the docks, and shifted some […]
Figure 1 shows historical gas and oil prices since January 2000. The daily spot price of West Texas Intermediate closed at $36.31 on December 14th, down from $45.91 on October 17th, according to the latest daily figure available from the Energy Information Administration (EIA). Brent closed at $36.51 on December 14th. WTI was down from […]
According to Baker Hughes data from December 11, 2015, the U.S rig count for the week was 709 rigs exploring for or developing oil or natural gas. This is a decrease of 28 rigs compared to last week, with oil rigs down 21 to 524 rigs, gas rigs down 7 to 185 rigs, and miscellaneous […]
According to Baker Hughes data from December 4, 2015, the U.S rig count for the week was 737 rigs exploring for or developing oil or natural gas. This is a decrease of 7 rigs compared to last week, with oil rigs down 10 to 545 rigs, gas rigs up 3 to 192 rigs, and miscellaneous […]
SMU contributing writer, Peter Wright, evaluates the oil and gas industry on a monthly basis for Steel Market Update. Energy markets are large users of hot rolled as well as pipe and tube steels. The energy market’s slowdown is one of the key reasons why the domestic steel industry has slowed this year. Figure 1 […]
According to Baker Hughes data from November 13, 2015, the U.S rig count for the week was 767 rigs exploring for or developing oil or natural gas. This is a decrease of 4 rigs compared to last week, with oil rigs up 2 to 574 rigs, gas rigs down 6 to 193 rigs, and miscellaneous […]