Canada’s Russel Metals, a North American metals distribution company, generated net income of $5 million on revenues of $588 million in the second quarter of 2020. Total tons shipped fell 14 percent from the first quarter. Results from U.S. operations represented 33 percent of total revenues. “During the second quarter, the pandemic along with low […]
U.S. production of crude oil decreased in May by 1.99 million barrels per day (b/d), the largest monthly decrease since at least January 1980, according to the latest data from the U.S. Energy Information Administration. May marks the sixth consecutive monthly decrease in crude oil production and is the third month since March when the […]
Active U.S and Canadian gas and oil rigs were flat to up 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 remained steady at 251, […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of financial market trading experience and has been active in the ferrous futures space for eight years. David earned an MBA from the University of Chicago Booth School of Business with concentrations in economics, statistics and analytical finance. […]
The multi-month decline in active U.S and Canadian gas and oil rigs seems to have flattened out, 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 […]
The U.S. Energy Information Administration (EIA) reports that recent declines in demand for petroleum products have led commercial crude oil inventories in the United States to reach an all-time high of 541 million barrels as of the week ending June 19, which is 5 million barrels more than the previous record set in late March […]
Active U.S and Canadian gas and oil rigs 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 13 to 266, with […]
The multi-month decline in active U.S and Canadian gas and oil rigs seems to have flattened out, 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 […]
The U.S. Energy Information Administration (EIA) reports that exploration and development expenditures are likely to drop significantly this year. Global expenditures related to oil and gas E&D increased $42 billion (13 percent) in 2019, totaling $361 billion, according to the aggregate financial reports for 102 publicly traded oil companies. Additions to these companies’ collective proved […]
Active U.S. and Canadian drill rigs declined yet 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 17 to 301, with oil […]
Wholesalers of HVAC products have weathered the pandemic surprisingly well so far and are more concerned about construction demand months from now than they are about their near-term prospects. Consider what has happened since April as a result of the market’s response to the virus: Steel mills are operating at just above 50 percent of […]
Active U.S. and Canadian drill rigs declined yet 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 35 to 339, with oil […]
Note: SMU produced an in-depth Energy Analysis for our Premium members on Monday, May 4, that covered the U.S. rig count information below, as well as oil and gas prices, drilling rigs by state and crude oil stock levels. If you would like to trial our Premium product, contact Paige Mayhair at Paige.Mayhair@crugroup.com. Active U.S. […]
In its latest Short-Term Energy Outlook, the Energy Information Administration (EIA) noted that the COVID-19 pandemic has caused significant changes in energy supply and demand patterns. Because those changes are still evolving, the outlook is subject to heightened levels of uncertainty. What is certain is that crude oil prices have fallen significantly since the beginning of […]
Active U.S. and Canadian drill rigs continued to decline 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 73 to 529, with oil […]
Today we took our Price Momentum Indicator on flat rolled steel to Lower from Neutral. We are clearly seeing an erosion in pricing, which is expected to continue over the near term. The economy is heading into recession. Key indicators are pointing toward a slowdown in construction as states and local municipalities mandate construction projects […]
Today we took our Price Momentum Indicator on flat rolled steel to Lower from Neutral. We are clearly seeing an erosion in pricing, which is expected to continue over the near term. The economy is heading into recession. Key indicators are pointing toward a slowdown in construction as states and local municipalities mandate construction projects […]
Active U.S. and Canadian drill rigs declined 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 44 to 728, with oil rigs down […]
The West Texas Intermediate crude price has fallen through $30 per barrel for the first time since September 2003. Normally our price data comes from the Energy Information Administration (EIA), but their data is not keeping up with today’s collapsing market. Their latest was March 6 when they published a price of $42.24 per barrel […]
Active U.S. gas and oil rigs slightly declined this past week, while Canadian rigs moderately declined following their annual trend, 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. […]
Active U.S. and Canadian rig counts declined slightly 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 1 to 790, with oil rigs […]
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. Oil and gas prices declined from our previous update. The spot price of West Texas Intermediate (WTI) FOB Cushing, Okla., was $49.59 on Feb. 10, down from $58.17/ barrel in […]
U.S active rig counts remained steady this past week, while Canadian rigs decreased, 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 was unchanged at 790, with oil […]
Both steel and scrap prices increased in the month of January, raising with them optimism levels over market conditions one month into the new year. The average price for hot rolled steel rose by about $30 per ton in January. The benchmark price for hot rolled peaked at $610 per ton in mid-January, but ended the […]
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 […]
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 industry finished 2019 with steel prices on the rebound. Steel Market Update’s Steel Pricing Momentum Indicator pointed upward in December as the mills worked to collect higher prices announced in four waves beginning in late October. The benchmark price for hot rolled steel rose to more than $570 per ton by the end of […]
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, […]