The following article is regularly published for our Premium users, but we decided to share it with our entire readership this month. If you are interested in upgrading to a Premium subscription, contact us at info@SteelMarketUpdate.com or 800-432-3475. Oil and gas prices have stabilized, oil inventories are declining and the number of operating rigs exploring […]
Steel Market Update is sharing this Premium-level content with all readers this month. For more information on how to upgrade to a Premium subscription, email info@SteelMarketUpdate.com. Oil production in the U.S. hit another all-time high in July, but the number of operating rigs exploring for oil and gas has not changed much in 3½ months. […]
Oil production in the U.S. set another all-time record in August and stocks are increasing. In the last month, the price of oil has dropped by $16/barrel. Wall Street Breakfast had this to say on Nov. 9: “Oil fell below the $60 level overnight, a day after slipping into a bear market. That means U.S. […]
The U.S. active 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 7 to 1,055, with oil rigs up 7 to 867 rigs, gas rigs unchanged at 186 rigs, and miscellaneous rigs unchanged at 2 rigs. […]
The U.S. active 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 1,048, with oil rigs up 2 to 862 rigs, gas rigs up 2 to 184 rigs, and miscellaneous rigs unchanged at 2 […]
The spot price of West Texas Intermediate (WTI) has been erratic in the last four months with two brief spikes above $70 per barrel. The oil price was $66.50 on Aug. 20. The total number of operating rigs exploring for oil and gas was up by 11.7 percent year over year and increased by nine […]
The U.S. active 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 13 to 1,057, with oil rigs up 10 to 869 rigs, gas rigs up 3 to 186 rigs, and miscellaneous rigs unchanged at 2 […]
The U.S. active 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 2 to 1,048, with oil rigs up 3 to 861 rigs, gas rigs down 1 to 186 rigs, and miscellaneous rigs unchanged at 1 […]
Oil prices have bounced around a bit lately, struggling to stay above the $70 per barrel mark. The spot price of West Texas Intermediate (WTI) broke through $70 on May 7 for the first time since Nov. 27, 2014, and stayed above that level through May 24 this year. The price declined to $64.75 on June […]
The U.S. rig count, an indicator of oil country tubular goods demand, increased this week, according to July 13 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs rose by 2 to 1,054 rigs, with oil rigs unchanged at 863 rigs, gas rigs up 2 to 189 rigs, and miscellaneous […]
The U.S. rig count, an indicator of oil country tubular goods demand, fell this week, according to June 28 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs fell by 5 to 1,047 rigs, with oil rigs down 4 to 858 rigs, gas rigs down 1 to 187 rigs, and […]
The price of oil topped the $70 per barrel mark last month, a level that often triggers new investment. Indeed, the rig count is up significantly from last year. But the oil price has since receded a bit. The spot price of West Texas Intermediate (WTI) broke through $70 on May 7 for the first […]
The U.S. rig count, an indicator of oil country tubular goods demand, rose this week, according to June 1 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs rose by 1 to 1,060 rigs, with oil rigs up 2 to 861 rigs, gas rigs down 1 to 197 rigs, and […]
In the table below, Steel Market Update provides a snapshot of flat rolled steel pricing, commodities that affected steel prices, and economic data of importance to the flat rolled steel industry in June. Looking back at the past month, SMU’s Pricing Momentum Indicator continued to point higher as the domestic mills reacted to the Trump […]
With the price of oil now above $70 per barrel, the prospects appear positive for oil country tubular goods. But economic and political tensions on a global scale will keep energy prices uncertain. The spot price of West Texas Intermediate (WTI) broke through $70 on May 7 for the first time since Nov. 27, 2014. […]
The U.S. rig count, an indicator of oil country tubular goods demand, rose this week, according to May 4 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs rose by 11 to 1,032 rigs, with oil rigs up 9 to 834 rigs, gas rigs up 1 to 196 rigs, and […]
Steel Market Update downshifted its price momentum indicator from higher to neutral in late April as steel buyers reported stability in most products and prices appeared to have plateaued, at least in the short term. At month’s end, hot rolled was selling for about $873, cold rolled for just over $1,000, galvanized for around $1,100, […]
Metals Service Center Institute data shows that service center shipments in March were slightly less than the seasonal norm. Daily shipments in March were down by 0.8 percent from the February result. On average since 2009, March shipments have increased by 0.3 percent; therefore, these latest numbers were seasonally slightly worse than the historical average […]
Oil prices are firm, and the drill rig count continues to increase, which is positive news for suppliers to the energy sector. The spot price of West Texas Intermediate (WTI) has remained above $60 per barrel since Feb. 14 and on April 10 closed at $65.48 per barrel. The total number of operating rigs exploring […]
The U.S. rig count, an indicator of oil country tubular goods demand, rose this week, according to April 13 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs rose by 5 to 1,008 rigs, with oil rigs up 7 to 815 rigs, gas rigs down 2 to 192 rigs, and […]
Service center shipments in February were stronger than the seasonal norm, according to Steel Market Update’s latest analysis of Metals Service Center Institute data. Daily shipments in February were 3.8 percent higher than in January. On average since 2009, February shipments have decreased by 0.4 percent; therefore, these latest numbers were seasonally better than the […]
Last week, the Energy Information Administration (EIA) announced that in the last two months of 2017, the U.S. pumped more crude oil than at any time in history. 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 […]
The U.S. rig count, an indicator of oil country tubular goods demand, rose this week, according to March 2 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs rose by 3 to 981 rigs, with oil rigs up 1 to 800 rigs, gas rigs up 2 to 181 rigs, and […]
January service center intake rose 12 percent month over month but was flat compared to the seasonal norms and was down 2.7 percent compared to January 2017 intake. Daily shipments in January were 31.1 percent higher than in December and were 4.3 percent higher than January 2017. According to Steel Market Update’s latest analysis of […]
The U.S. rig count, an indicator of oil country tubular goods demand, was down for the week, but is up 23 percent year over year, according to Feb. 2 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs fell by 1 to 946 rigs, with oil rigs up 6 to […]
Service center shipments in December were stronger than the seasonal norm, according to Steel Market Update’s latest analysis of Metals Service Center Institute data. Daily shipments in December were 11.8 percent lower than in November. On average since 2009, December shipments have decreased by 13.1 percent; therefore, these latest numbers were seasonally better than the […]
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 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 […]
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 […]