U.S. Rig Count Decreases, Canadian Rig Count Halts Eight-Week Climb

February 28, 2014 Posted by Steel Market Intelligence

The number of active oil and natural gas rigs in the United States decreased 0.1% from 1,771 last week to 1,769 for the week ending February 28, 2014.  The count is some 0.7% above the year-ago level of 1,757.

The highest weekly rig count in the United States since 1940 was recorded on December 28, 1981, at 4,530; the lowest was recorded on April 23, 1999, at 488.

The number of rigs in Canada decreased 0.1% from 632 last week to 626 this week, halting an eight-week, 140.3% increase that started at the beginning of the year.  The count is some 4.4% below the year-ago level of 655.

The highest rig count for Canada was 727 on February 3, 2006; the lowest was 29, recorded on April 24, 1992.

Source: Baker Hughes Inc.

Domestic Raw Steel Production, Capacity Utilization Fall from Three-Month Highs

February 25, 2014 Posted by Steel Market Intelligence

Weekly domestic raw steel production decreased 0.8% from 1.845 million tons (mt) last week, which was a three-month high, to 1.831 mt for the week ending February 22, 2014.  Production is some 0.7% below the year-ago level of 1.843 mt.

Capacity utilization also decreased from last week’s three-month high of 77.0% to 76.3% this week.  The rate is now below the year-ago level of 76.9%.

The lowest production since the recession began was 800,000 tons for the week of December 27, 2008, while the highest was 2.005 mt for the week of May 12, 2012. The lowest capacity utilization rate since the recession began was 33.5% for the week of December 27, 2008; the highest was 81.1% on May 12, 2012.

We would caution readers that only half of the AISI reporting companies release their weekly production in “real time” so the other half of this data is estimated using the last month’s reported production & operating rate. What this means is that when production is changing, the weekly data is actually understating the change.

Source: AISI and Steel Market Intelligence

U.S. Rig Count Rebounds Slightly, Canadian Rig Count Remains at Eleven-Month High

February 21, 2014 Posted by Steel Market Intelligence

The number of active oil and natural gas rigs in the United States reversed last week’s decrease, rebounding 0.4% from 1,764 last week to 1,771 for the week ending February 21, 2014.  The count is some 0.6% above the year-ago level of 1,761.

The highest weekly rig count in the United States since 1940 was recorded on December 28, 1981, at 4,530; the lowest was recorded on April 23, 1999, at 488.

The number of rigs in Canada climbed for the eighth consecutive week, up 1.3% from 624 last week to 632 this week, and is still at the highest count since March 1, 2013.  The count has increased 140.3% since the beginning of the year, but is some 4.5% below the year-ago level of 662.

The highest rig count for Canada was 727 on February 3, 2006; the lowest was 29, recorded on April 24, 1992.

Source: Baker Hughes Inc.

U.S. Rig Count Decreases Again, Canadian Rig Count Still at Eleven-Month High

February 14, 2014 Posted by Steel Market Intelligence

The number of active oil and natural gas rigs in the United States decreased for the second week, down 0.4% from 1,771 last week to 1,764 for the week ending February 14, 2014.  The count is a mere 0.1% above the year-ago level of 1,762.

The highest weekly rig count in the United States since 1940 was recorded on December 28, 1981, at 4,530; the lowest was recorded on April 23, 1999, at 488.

The number of rigs in Canada climbed for the seventh consecutive week, up 0.5% from 621 last week to 624 this week, and is still at the highest count since March 1, 2013.  The count has increased 137.3% since the beginning of the year, but is some 4.1% below the year-ago level of 651.

The highest rig count for Canada was 727 on February 3, 2006; the lowest was 29, recorded on April 24, 1992.

Source: Baker Hughes Inc.

Domestic Raw Steel Production, Capacity Utilization Climb to Two-Month Highs

February 11, 2014 Posted by Steel Market Intelligence

Weekly domestic raw steel production increased 1.9% from 1.804 million tons (mt) last week to 1.839 mt for the week ending February 8, 2014, reaching the highest amount since November 23, 2013.  Production is 0.9% above the year-ago level of 1.822 mt.

Capacity utilization also increased and reached the highest rate since November 23, 2013, rising from 75.3% last week to 76.8% this week.  The rate is above the year-ago level of 76.1%.

The lowest production since the recession began was 800,000 tons for the week of December 27, 2008, while the highest was 2.005 mt for the week of May 12, 2012. The lowest capacity utilization rate since the recession began was 33.5% for the week of December 27, 2008; the highest was 81.1% on May 12, 2012.

We would caution readers that only half of the AISI reporting companies release their weekly production in “real time” so the other half of this data is estimated using the last month’s reported production & operating rate. What this means is that when production is changing, the weekly data is actually understating the change.

Source: AISI and Steel Market Intelligence

U.S. Rig Count Falls from Five-Month High, Canadian Rig Count Remains at Eleven-Month High

February 7, 2014 Posted by Steel Market Intelligence

The number of active oil and natural gas rigs in the United States decreased 0.8% from last week’s five-month high of 1,785 to 1,771 for the week ending February 7, 2014.  Despite the decrease, the count is some 0.7% above the year-ago level of 1,759.

The highest weekly rig count in the United States since 1940 was recorded on December 28, 1981, at 4,530; the lowest was recorded on April 23, 1999, at 488.

The number of rigs in Canada climbed for the sixth consecutive week, up 2.1% from 608 last week to 621 this week, and remains at the highest count since March 1, 2013.  The count has increased 136.1% since the beginning of the year, but is some 1.6% below the year-ago level of 631.

The highest rig count for Canada was 727 on February 3, 2006; the lowest was 29, recorded on April 24, 1992.

Source: Baker Hughes Inc.

Domestic Raw Steel Production, Capacity Utilization Decrease for Second Week

February 4, 2014 Posted by Steel Market Intelligence

Weekly domestic raw steel production decreased for the second consecutive week, down 1.1% from 1.824 million tons (mt) last week to 1.804 mt for the week ending February 1, 2014.  Production is just 0.2% above the year-ago level of 1.801 mt.

Capacity utilization also decreased from 76.1% last week to 75.3% this week and is just slightly above the year-ago level of 75.2%.

The lowest production since the recession began was 800,000 tons for the week of December 27, 2008, while the highest was 2.005 mt for the week of May 12, 2012. The lowest capacity utilization rate since the recession began was 33.5% for the week of December 27, 2008; the highest was 81.1% on May 12, 2012.

We would caution readers that only half of the AISI reporting companies release their weekly production in “real time” so the other half of this data is estimated using the last month’s reported production & operating rate. What this means is that when production is changing, the weekly data is actually understating the change.

Source: AISI and Steel Market Intelligence

U.S. Rig Count Climbs to Five-Month High, Canadian Rig Count at Eleven-Month High

February 3, 2014 Posted by Steel Market Intelligence

The number of active oil and natural gas rigs in the United States increased 0.5% from 1,777 last week to 1,785 for the week ending January 31, 2014 and reached the highest count since August 16, 2013.  The count is some 1.2% above the year-ago level of 1,764.

The highest weekly rig count in the United States since 1940 was recorded on December 28, 1981, at 4,530; the lowest was recorded on April 23, 1999, at 488.

The number of rigs in Canada increased for the fifth consecutive week, up 3.1% from 590 last week to 608 this week, and remaining at the highest count since March 1, 2013.  The count increased 131.2% over the month of January, but is some 2.7% below the year-ago level of 625.

The highest rig count for Canada was 727 on February 3, 2006; the lowest was 29, recorded on April 24, 1992.

Source: Baker Hughes Inc.

January OCTG Prices Decrease

February 3, 2014 Posted by Steel Market Intelligence

OCTG prices decreased to $1,627 for the month of January, down 1.0% from December’s price of $1,643.  Seamless prices decreased 1.4% from $1,766 last month to $1,742 this month, and ERW prices decreased 0.5% from $1,519 to $1,512.  The OCTG Pipe Logix Index is 5.4% lower than last year.

The domestic price premium decreased 4.1% from $443 in December to $425 in January.  Rig counts decreased 0.3% from 7,082 for the month of December to 7,059 in January.

Source: Steel Market Intelligence and Pipe Logix

Domestic Raw Steel Production, Capacity Utilization Decrease After Four-Week Climb

January 28, 2014 Posted by Steel Market Intelligence

Weekly domestic raw steel production halted a four-week climb, decreasing 0.7% from 1.836 million tons (mt) last week to 1.824 mt for the week ending January 25, 2014.  Production is some 1.0% above the year-ago level of 1.806 mt.

Capacity utilization also decreased from 76.6% last week to 76.1% this week and is above the year-ago level of 75.4%.

The lowest production since the recession began was 800,000 tons for the week of December 27, 2008, while the highest was 2.005 mt for the week of May 12, 2012. The lowest capacity utilization rate since the recession began was 33.5% for the week of December 27, 2008; the highest was 81.1% on May 12, 2012.

We would caution readers that only half of the AISI reporting companies release their weekly production in “real time” so the other half of this data is estimated using the last month’s reported production & operating rate. What this means is that when production is changing, the weekly data is actually understating the change.

Source: AISI and Steel Market Intelligence