The trucking industry’s leading trade group is calling on policymakers to back a new 20-cent tax on all transportation fuels, including diesel, gasoline and natural gas, to fund repairs to the nation’s deteriorating roads and bridges. The American Trucking Associations (ATA) is seeking support for its Build America Fund, which would be funded by a […]
The spot price of West Texas Intermediate (WTI) broke through the $60 level on Dec. 29 for the first time since Dec. 18, 2014. It reached $64.22 on Jan. 12 before falling back to $63.82 on Jan. 16. The total number of operating rigs exploring for oil and gas increased by 15 in the week […]
The American Line Pipe Producers Association filed an antidumping and countervailing duty petition with the Department of Commerce and U.S. International Trade Commission on Wednesday. The group alleges that the dumping of large diameter welded pipe from Canada, Greece, India, China, Korea and Turkey is causing injury to domestic producers. The group also charges that […]
The U.S. rig count, an indicator of oil country tubular goods demand, increased this week, according to Jan. 12 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs rose by 15 to 939 rigs, with oil rigs up 10 to 752 rigs, gas rigs up 5 to 187 rigs, and […]
President Trump’s plan to revive the coal industry received a blow on Monday when the Federal Energy Regulatory Commission rejected a proposal by Energy Secretary Rick Perry to subsidize certain power plants. Perry’s proposal on grid reliance and reliance pricing recommended regional transmission organizations and independent system operators compensate plants that maintain 90-day fuel supplies […]
The weekly U.S. rig count, an indicator of oil country tubular goods demand, decreased this week, according to Jan. 5 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs declined by 5 to 924 rigs, with oil rigs down 5 to 742 rigs, gas rigs unchanged at 182 rigs, and […]
On Nov. 3, the spot price of West Texas Intermediate (WTI) closed above $55 per barrel and hasn’t fallen below that level through the latest data on Dec. 11. The total number of operating rigs exploring for oil and gas increased every week from Nov. 10 through Dec. 8, though at a declining rate, and […]
The weekly U.S. rig count increased this week, according to Dec. 8 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs increased by 2 to 931 rigs, with oil rigs up 2 to 751 rigs, gas rigs unchanged at 180 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to […]
The price of West Texas Intermediate oil has been above $55 per barrel for all of November. On Nov. 3, the spot price of West Texas Intermediate (WTI) closed above $55 per barrel where it stayed through the latest data on Nov. 22. The number of operating rigs exploring for both oil and natural gas […]
The weekly U.S. rig count increased this week, according to Nov. 17 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs increased by 8 to 915 rigs, with oil rigs unchanged at 738 rigs, gas rigs up 8 to 177 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to […]
Since Sept. 20, there have only been two days when the spot price of West Texas Intermediate (WTI) closed below $50, which is a positive sign for steel. The prices of oil and natural gas drive the consumption energy-related steel products including oil country tubular goods, pipe fittings and well head equipment, among others. A […]
Third-quarter job creation was severely affected by Hurricanes Harvey and Irma in the South Central and South East regions, according to third-quarter employment data by state released by the Bureau of Labor Statistics (BLS) on Friday. Economy.com summarized it as follows: “Job growth is slowing but wage growth is heating up across much of the […]
The weekly U.S. rig count took a slight dip this week, according to Sept. 8 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs declined by 8 to 928 rigs, oil rigs declined 5 to 743 rigs, gas rigs fell 2 to 185 rigs, and miscellaneous rigs were down 1 […]
On Wednesday, Sept. 20, the price of West Texas Intermediate (WTI) rose above $50 per barrel for the first time since July 31, which was the only day greater than $50 since May 24. WTI closed at $51.86 on the 25th. The number of operating rigs exploring for both oil and gas had a recent […]
The oil and gas drill rig count is increasing rapidly as the price of West Texas Intermediate hovers near $60 per barrel. The spot price of WTI broke through the $60 level on Dec. 29 for the first time since Dec. 18, 2014. It reached $64.22 on Jan. 12 before falling back to $59.41 on […]
The weekly U.S. rig count remained steady this week, according to Sept. 8 data from Baker Hughes, a GE Company. The number of active U.S. drill rigs declined 1 to 935 rigs; oil rigs declined 5 to 744 rigs, gas rigs rose 4 to 190 rigs, and miscellaneous rigs were unchanged at 1 rig. Compared […]
The Producer Price Index of commodities increased by 3.8 percent in the 12 months through August 2017, according to data released Tuesday by the Bureau of Labor Statistics. The BLS released its series of producer price indexes (PPIs) for more than 10,000 goods and materials this week. The latest release reported results through August. For […]
The Producer Price Index of commodities increased by 3.1 percent for the 12 months ended in November, according to data released Thursday by the Bureau of Labor Statistics—the largest advance since the 12 months ending January 2012. On Thursday, the BLS released its series of producer price indexes (PPIs) for more than 10,000 goods and […]
JSW Steel, a steel plate mill in Baytown, Texas, reports a remarkable story of perseverance, ingenuity and courage as it faced the devastation of Hurricane Harvey. As the hurricane was bearing down on the coast, CEO John Hritz made the difficult decision to shut down operations at the mill. JSW’s 700 acres are situated in […]
The U.S. economy should finish 2017 strong, but the leading indicators point to a downturn in the second half of 2018 followed by a mild global recession in 2019, predicts economist Alan Beaulieu, principal of ITR Economics, who addressed a sellout crowd Aug. 30 at Steel Market Update’s Steel Summit Conference in Atlanta. “You will […]
The weekly U.S. rig count remained steady this week, according to Sept. 8 data from Baker Hughes, a GE Company. The number of active oil rigs declined by 3 to 756 rigs, while the active gas rig count rose 4 to 187 rigs. The miscellaneous rig count was unchanged at 1 rig. Compared to this […]
In the last month, the price of crude oil has risen and the price of natural gas has declined slightly. The number of operating rigs exploring for both oil and gas has declined for three straight weeks. This is the first decline since the low point of June 27 last year. The prices of oil […]
Sherwin Williams, a major supplier of paint and coatings to coil coaters and other industries, announced a price hike on Monday, citing the need to recoup the escalating costs of raw materials. The company notified its customers to expect a 5 percent increase on all shipments of PVDF and FEVE topcoats, a 7 percent increase […]
The weekly U.S. rig count took a slight dip, according to Aug. 4 data from oilfield services company Baker Hughes, Inc. The oil rig count declined by 1 to 765 rigs, while the gas rig count declined by 3 to 189 rigs, for a total of 954. The miscellaneous rig count was unchanged. Compared to […]
Data from July 7, 2017, shows the U.S. rig count for the week was 950 rigs exploring for or developing oil or natural gas, reports oilfield services company Baker Hughes, Inc. This is down 2 rigs compared to last week, with oil rigs down 1 to 764 rigs, gas down 1 to 186 rigs, and […]
Since our last report, the price of crude oil has continued to decline and the price of natural gas has been stable. The number of operating rigs exploring for both oil and gas has continued to increase. The prices of oil and natural gas drive the consumption of energy-related steel products including oil country tubular […]
Data from July 7, 2017, shows the U.S. rig count for the week was 952 rigs exploring for or developing oil or natural gas. The last time U.S. rig counts were this high was in early 2015, reports oilfield services company Baker Hughes Inc. This is up 12 rigs compared to last week, with oil […]
The Manufacturing ISM Report on Business exceeded expectations in June with a PMI reading of 57.8 percent. The composite index jumped 2.9 points for its strongest reading since August 2014, said the Institute for Supply Management, Tempe, Ariz. A reading above 50 indicates growth. The new orders index strengthened with a 4 point increase to […]
According to Baker Hughes data from June 30, 2017, the U.S. rig count for the week was 940 rigs exploring for or developing oil or natural gas. This is down 1 rig compared to last week, with oil rigs down 2 to 756 rigs, gas down up 1 to 184 rigs, and miscellaneous rigs unchanged […]
Worthington Industries posted a strong fourth quarter, setting record annual earnings per share and quarterly net earnings of $56.5 million. Net sales increased 18 percent year-over-year to $845.3 million. Steel processing sales rose 25 percent to $582.2 million, driven by higher average selling prices. Automotive demand is beginning to soften, said President and COO Mark […]