July energy market update

In this Premium analysis we cover North American oil and natural gas prices, drilling rig activity, and crude oil stock levels. Trends in energy prices and rig counts are an advanced indicator of demand for oil country tubular goods (OCTG), line pipe, and other steel products.

The Energy Information Administration’s (EIA) July Short-Term Energy Outlook (STEO) was released earlier this week, forecasting spot prices, production, and inventories for crude oil and natural gas. Crude oil prices are expected to slightly increase through the remainder of the year, a trend reversal from their previous forecast. Natural gas prices are still forecast to move higher on the back of recent lows. You can view the latest EIA Short-Term Energy Outlook here.

Brett Linton

Brett Linton is a digital operations analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.