U.S active rig counts decreased this past week, while Canadian rigs increased, according to oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs fell by 4 to 790, with oil […]
Steel Market Update is pleased to share this Premium content with Executive-level members. For more information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Crude oil production set another all-time record in the U.S. in October, but the rig count continues to decline. On Jan. 3, oil prices surged briefly on news of […]
U.S and Canadian active rig counts increased this past week, according to oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs rose by 15 to 796, with oil rigs up […]
By CRU Senior Cost Economist Ross Cunningham, from CRU’s Global Steel Trade Service The oil market in 2020 started with a bang—multiple in fact, over the skies of Baghdad. On Jan. 3, U.S. missiles killed Iranian Major General Qasem Soleimani and four others. Iran vowed “severe revenge” and on Jan. 8 fired missiles at air […]
The wind energy industry received a boost from a U.S. spending bill approved in December. The bill extends energy tax credits for wind, solar and other green energy projects to 2024. Due to the extension, IHS Markit is now expecting a boom rather than a decline for the industry in 2020. The extension increased the […]
U.S active rig counts decreased this past week, as did Canadian rig counts, according to oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs fell by 9 to 796, with […]
The U.S active rig counts increased this past week, while Canadian rig counts declined, according to oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs rose by 14 to 813, […]
Crude oil prices broke out to the upside in December, but the rig count continues to decline. U.S. exports of crude oil and petroleum products, including gasoline, diesel, jet fuel, naphtha, and many others, exceeded imports in September by 89,000 barrels a day, the Energy Information Administration (EIA) reported on Nov. 28. Thus, the U.S. […]
The U.S active rig counts declined again this past week, while Canadian rig counts rose, according to oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs fell by 3 to […]
Crude oil prices have been stable since mid-June, but the rig count continues to decline. The total number of operating rigs exploring for oil has declined by 211 or 23.8 percent since the end of last year. The spot price of West Texas Intermediate (WTI) FOB Cushing, Okla., has been very consistent since mid-June ranging from […]
The U.S and Canada active rig count declined again this past week, according to oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs fell by 11 to 806, with oil […]
The U.S and Canada active rig count declined again this past week, according to oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs fell by 8 to 822, with oil […]
Crude oil prices have returned to the levels prior to the attack on the Saudi Aramco Abqaiq crude oil processing facility on Sept. 14. The spot price of West Texas Intermediate (WTI) FOB Cushing, Okla., exceeded $60 per barrel for one day on Sept. 16 when it reached $63.10 before falling back to $52.76 on […]
The U.S and Canada active rig count declined again this past week, according to oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs fell by 5 to 851, with oil […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined last week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 5 to 855, with oil rigs down 3, gas rigs down 2, and miscellaneous rigs unchanged. Compared to this time last year, the […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 18 to 868, with oil rigs down 14, gas rigs down 5, and miscellaneous rigs up 1. Compared to this time last year, […]
The weekend drone strikes against Saudi oil production sent WTI futures as much as 15.5 percent higher overnight Sept. 15 to $63.34 per barrel, the biggest intraday percentage gain since June 22, 1998, according to various reports. The market is watching intently to gauge the duration and the impact of the outage on world energy […]
Editor’s note: This story is still developing. Since this reporting, Saudi Arabian officials claim they have already restored 50 percent of their lost production and that they expect oil output to fully recover within weeks. On Tuesday, oil prices corrected back down by about 6 percent on the news that Saudi production would recover more […]
Oil prices spiked by nearly 20 percent Monday on the news that a drone attack on Saudi Arabia’s oil facilities had knocked out more than 5 percent of the global oil supply. Prices corrected back down by about 6 percent today following reports that Saudi production would recover more quickly than originally anticipated. The Wall […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 6 to 898, with oil rigs down 4, gas rigs down 2, and miscellaneous rigs unchanged. Compared to this time last year, the […]
Oil production in the U.S. set another all-time record in May (latest data available) and the forecast for the rest of 2019 and 2020 is a continuation of this trend. The spot price of West Texas Intermediate (WTI) FOB Cushing, Okla., exceeded $60 per barrel for one day on July 10 before falling back to […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 19 to 916, with oil rigs down 16, gas rigs down 3, and miscellaneous rigs unchanged. Compared to this time last year, the […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined again this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 8 to 934, with oil rigs down 6, gas rigs down 2, and miscellaneous rigs unchanged. Compared to this time last year, […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 8 to 946, with oil rigs down 3, gas rigs down 5, and miscellaneous rigs unchanged. Compared to this time last year, the […]
The price of West Texas Intermediate crude oil briefly exceeded $60 per barrel for one week in July, but the rig count continues to decline, according to Steel Market Update’s analysis of data from the Energy Information Administration (EIA). The spot price of West Texas Intermediate (WTI) FOB Cushing, Okla., exceeded $60 per barrel for […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 5 to 958, with oil rigs down 4, gas rigs down 2, and miscellaneous rigs up 1. Compared to this time last year, […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, remained steady this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs remained the same at 967, with oil rigs up 4, gas rigs down 4, and miscellaneous rigs unchanged. Compared to this time last year, […]
The spot price of West Texas Intermediate (WTI) FOB Cushing, Okla., reached $66.24 per barrel on April 20 and had declined to $51.94 on June 17. The total number of operating rigs exploring for oil has declined by 106 since Jan. 4. The prices of oil and natural gas drive the consumption of energy-related steel […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, decreased this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 6 to 969, with oil rigs down 1 and gas rigs down 5. Compared to this time last year, the 969 count is […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, increased this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs rose by 1 to 984, with oil rigs up 3 and gas rigs down 2. Compared to this time last year, the 984 count is […]