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    November 15, 2024

    November energy market update

    Written by Brett Linton

    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 advance indicator of demand for oil country tubular goods (OCTG), line pipe, and other steel products.

    The Energy Information Administration (EIA) released their November Short-Term Energy Outlook (STEO) earlier this week. The report forecasts that both crude oil and natural gas prices will increase through the first quarter of 2025, though not as high as previous estimates. Explore the full STEO report covering energy spot prices, production, inventories, and more.

    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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    Latest in Market Data

    Apparent steel supply remains historically strong through August

    The volume of finished steel that entered the US market increased 1% from July to August to the second-highest monthly level recorded in the past four years, according to SMU’s analysis of recently released Department of Commerce and American Iron and Steel Institute data. Apparent steel supply is calculated by combining domestic mill shipments and finished US steel imports, then subtracting total US exports. It can be used as a proxy for domestic steel demand. Supply has remained historically strong since May, when it surpassed the 9 million st mark it had previously been beneath for four years.

    US shipments of heating and cooling equipment slow further in August

    Total shipments of heating and cooling equipment cooled further in August, according to the latest figures from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). After falling 11% month on month (m/m) in July, shipments slipped another 10% in August. The monthly pace marks the third-slowest shipment rate year-to-date. Shipments of water heaters, air conditioners, and heat pumps declined m/m, while warm-air furnace shipments picked up. Compared with a year earlier, only air conditioners and heat pumps increased.