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US oil country tubular good prices failed to budge last week as the market remains stuck with inventory overhang, Kallanish understands.
Kallanish helds it representative P110 domestic welded casing price Friday at $1,175-1,200/short ton, a level it has occupied for several weeks. All prices are ex-works, domestic mill.
Multiple buy-side sources have recently pointed to the slow drawdown of extant inventory as the reason energy tubular pricing has not yet risen in tandem with skelp.
In the most recent Baker Hughes rig count, the US gained one net rig and Canada gained two – leaving the countries down 122 and 70, respectively, from their equivalent counts last year (see related story).
Source:Kallanish www.kallanish.com
