January 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 active rig counts are leading demand indicators for oil country tubular goods (OCTG), line pipe, and other steel products.

The Energy Information Administration (EIA) released their January Short-Term Energy Outlook (STEO) earlier this week. Their latest forecast predicts crude oil prices will see little movement across the year and slightly ease into 2026 as growing production outweighs demand. Meanwhile, natural gas prices are expected to increase over the next two years as rising demand surpasses production growth. Click here to read the full January 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.