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 […]
U.S. Steel Clairton Coke Works suffered its second fire in six months when a small blaze broke out in electrical equipment early Monday morning, disrupting environmental controls. U.S. Steel released the following statement: “Early this morning, Monday, June 17, a small electrical fire was detected on an electrical breaker panel impacting power to the by-products […]
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 […]
Monthly oil production in the U.S. declined sharply in February as inventories increased. The price of West Texas Intermediate crude oil has declined in the last month. The spot price of West Texas Intermediate (WTI) FOB Cushing, Okla., reached $66.24 / barrel on April 20 and had declined to $60.97 on May 13. The total […]
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 1 to 987, with oil rigs down 3 and gas rigs up 2. Compared to this time last year, the 987 count is […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Several notices have been published in the last few days, signaling the new reality of the contentious trade negotiations between the U.S. and China. USTR issued a notice, which has not yet been seen in the Federal Register, […]
Good afternoon/evening from Davenport, Iowa. Davenport is where the Mississippi River flooded the downtown area a couple of weeks ago. Water levels are down four feet from their highest point, and the flood waters reached the parking lot of our hotel before receding back across the railroad tracks. The river is still in flood stage […]
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 2 to 988, with oil rigs down 2 and gas rigs unchanged. Compared to this time last year, the 988 count is down […]
Monthly oil production in the U.S. in January was second only to the all-time high set in December 2018. The price of West Texas Intermediate crude oil had recovered to $63.43/barrel on April 15, up from its recent low of $44.48 on Dec. 27. On April 23, Economy.com wrote: “Oil prices rebounded in the first […]
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 21 to 991, with oil rigs down 20 and gas rigs down 1. Compared to this time last year, the 991 count is […]
Residents near U.S. Steel’s Mon Valley Works are in an uproar over plans to allow New Mexico-based Merrion Oil & Gas to drill for natural gas in the Edgar Thomson Plant. U.S. Steel has leased 10 acres of land at the plant in Braddock, Pa., to Merrion Oil to construct three fracking wells that will […]
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 19 to 1,025, with oil rigs up 15 and gas rigs up 4. Compared to this time last year, the 1,025 count is […]
The spot price of West Texas Intermediate FOB Cushing, Okla., had a recent peak on Oct. 3 of $76.40/barrel. The price declined to $44.48 on Dec. 27, but recovered to $59.09 on March 15. The total number of operating rigs exploring for oil has declined by 61 since Jan. 4. The prices of oil and […]
Big River Steel still considers Brownsville, Texas, an attractive site for a new EAF mill and the Port of Brownsville is ready whenever BRS greenlights the project. In his State of the Port address this week, Brownsville Navigation Chairman John Reed noted that Big River Steel extended its land lease option for another year. A […]
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 10 to 1,016, with oil rigs down 9 and gas rigs down 1. Compared to this time last year, the 1,016 count is […]
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 11 to 1,027, with oil rigs down 9 and gas rigs down 2. Compared to this time last year, the 1,027 count is […]
U.S. Steel has been issued an enforcement warning by the Allegheny County Health Department for continued violation of air quality standards at the Mon Valley Works facility in Pennsylvania. A fire at the Clairton coke plant on Dec. 24, 2018, caused significant structural damage and damage to the equipment that cleans gases from the coke […]
Oil production in the U.S. was at an all-time high in October last year and declined only slightly in the latest data for November. The price of West Texas Intermediate crude oil has recovered somewhat from its recent low of $44.48 on Dec. 27. The spot price of West Texas Intermediate (WTI) FOB Cushing, Okla., […]
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 4 to 1,047, with oil rigs down 4 and gas rigs unchanged. Compared to this time last year, the 1,047 count is up […]
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 4 to 1,049, with oil rigs up 7 and gas rigs down 3. Compared to this time last year, the 1,049 count is […]
Nucor Corp. surpassed expectations for 2018, reporting net earnings of $2.36 billion for the full year compared to $1.32 billion in 2017. Net sales jumped 24 percent to $25.07 billion due to a 5 percent increase in tons shipped and an 18 percent jump in the average sales price per ton. Nucor shipped 27.9 million […]
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 9 to 1,059, with oil rigs up 10 and gas rigs down 1. Compared to this time last year, the 1,059 count is […]
U.S. Steel has launched a dedicated website to keep residents near its Clairton Coke Plant advised of repair updates following a fire at the plant Dec. 24 that released harmful air emissions, but residents and environmentalists are calling for the idling of the plant until repairs are completed. A fire caused significant damage to the […]
Steel Dynamics is excited about its recently announced plans for a new steel mill in the Southwest. After an outstanding year, breaking records for shipments, sales, net income and cash flow, CEO Mark Millett is looking forward to filling a steel void in the southwestern U.S. and Mexico. Steel Dynamics hopes to announce a site […]
The price of West Texas Intermediate (WTI) crude oil has recovered from its recent low in December. The spot price of WTI FOB Cushing, Okla., recovered to $50.31 on Jan. 14 from its recent low of $44.48 on Dec. 27. WTI had a recent peak on Oct. 3 of $76.40 per barrel. The total number […]
Residents near U.S. Steel’s Clairton plant were told to limit outdoor activities on Wednesday due to sulfur dioxide emissions following a December fire at the Pennsylvania coke works. “We have been closely monitoring this issue since we were first notified of the fire on December 24th. While the plant has substituted natural gas for coke […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined week over week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 8 to 1,075, with oil rigs down 8 to 877 rigs, gas rigs unchanged at 198 rigs, and miscellaneous rigs unchanged at […]
Steel Market Update is sharing this Premium content with Executive members in this issue. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. The price of West Texas Intermediate crude oil has declined by $25.33 per barrel since Oct. 3. The price of natural gas is surging. The spot price of West Texas Intermediate […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined slightly week over week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 3 to 1,076, with oil rigs up 2 to 887 rigs, gas rigs down 5 to 189 rigs, and miscellaneous rigs […]