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    Analysis

    August 15, 2024

    July energy market update

    Written by Brett Linton

    This Premium analysis covers 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 month, forecasting spot prices, production, and inventories for crude oil and natural gas. Crude oil prices are expected to rise through the second half of the year, similar to last month’s forecast. Natural gas prices are forecast to remain low through Q3’24 and then experience typical seasonal increases through Q1’25. 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.

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